{"id":45823,"date":"2019-08-01T09:29:05","date_gmt":"2019-07-31T23:29:05","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=45823"},"modified":"2019-08-07T09:27:34","modified_gmt":"2019-08-06T23:27:34","slug":"45823","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2019\/08\/01\/45823\/","title":{"rendered":"ASIC Update on Poor Advice Remediation"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">Australia&#8217;s five largest banking and financial services institutions have paid a total of $119.7 million in compensation as at 30 June 2019, ASIC has reported in an update.<\/span><\/p>\n<p><!--more--><\/p>\n<p class=\"p1\"><span class=\"s1\">The compensation was paid to customers who suffered loss or detriment because of non-compliant advice given by financial advisers<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">This compensation has been paid under review and remediation programs initiated as a result of the ASIC review reported on in Report 515 Financial advice: Review of how large institutions oversee their advisers.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The review, which commenced in July 2015, focused on:<\/span><\/p>\n<ul>\n<li class=\"p1\"><span class=\"s1\">How AMP, ANZ, CBA, NAB and Westpac identified and dealt with non-compliant advice by their advisers between 1 January 2009 and 30 June 2015<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">The development and implementation by these institutions of a framework for the large-scale review and remediation of customers who received non-compliant advice between 1 January 2009 and 30 June 2015<\/span><\/li>\n<li class=\"p1\"><span class=\"s1\">A review of Australian financial services (AFS) licensees, selected from within the institutions, to test their current processes for monitoring and supervising their advisers<\/span><\/li>\n<\/ul>\n<p class=\"p1\"><span class=\"s1\">Since the publication of REP 515, ASIC has been monitoring the ongoing implementation and expert assurance of the institutions\u2019 customer review and remediation programs.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">ASIC expects further compensation to be paid as the institutions continue their review and remediation programs for non-compliant advice.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia&#8217;s five largest banking and financial services institutions have paid a total of $119.7 million in compensation as at 30 June 2019, ASIC has reported in an update.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-45823","post","type-post","status-publish","format-standard","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/45823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/20"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=45823"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/45823\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=45823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=45823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=45823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}