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$27M penalty for ‘extensive and systematic’ failures by CBA units
Financial Services 2022-10-25 11:03 pm By Sam Matthews

Commonwealth Bank units CommSec and Australian Investments Exchange have been ordered to pay more than $27 million for “serious and unacceptable” system failures that led to excessive fee charges for customers.

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AMP grilled over possible breach of court orders in insurance churn case
Financial Services 2022-10-19 11:26 pm By Cindy Cameronne

A judge has questioned AMP Financial Planning over whether it breached court orders to compensate customers after finding the firm failed to prevent a now banned adviser from churning life insurance for higher commissions.

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‘Concerned’ judge wants answers from AMP on remediation program
Financial Services 2022-08-19 11:05 pm By Cindy Cameronne

A judge has raised concerns that AMP Financial Planning has not compensated customers for allegedly failing to prevent life insurance churning, directing the firm to explain the “vanishingly small” number of people who have been remediated.

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CommSec agrees to $20M penalty for ‘serious and unacceptable’ system failures
Financial Services 2022-03-03 9:02 pm By Bianca Hrovat

Commonwealth Bank unit CommSec has agreed to pay a $20 million penalty for a series of “serious and unacceptable” failures that lead to excessive fee charges, a court has heard.

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Judge hits AMP with $5.2M penalty, says greedy financial adviser was ‘in the right place’
Financial Services 2020-02-05 11:05 am By Miklos Bolza

The Federal Court has imposed a penalty of almost $5.2 million on AMP Financial Planning after finding it was “reckless” in its “lamentable failure” to properly respond to a now banned adviser who was churning life insurance for higher commissions.

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Court signs off on AMP’s new remediation program in ASIC insurance churn case
Financial Services 2019-10-01 8:42 pm By Miklos Bolza

A judge has given the thumbs up to AMP’s new program to identify and compensate victims of so-called insurance churning by its financial planning arm after inadequacies were revealed in the original scheme.

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Moreton wins appeal over R&D tax credits for failed coal gasification project
Article 2019-07-31 3:39 pm By Miklos Bolza

Australian coal miner Moreton Resources has won a Full Federal Court appeal over tax offsets it claims are owed over a failed pilot project testing underground coal gasification, a process which was ultimately banned in Queensland.

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AMP taken by surprise by ASIC’s claim of 120 breaches in insurance churn case
Financial Services 2019-07-26 9:45 pm By Amelia Birnie

AMP Financial Planning has attempted to qualify its admission to so-called insurance churn allegations by the corporate watchdog, suggesting it might not have admitted to “all contraventions” if it had known ASIC would push for up to 120 separate breaches and $36 million in penalties.

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ASIC seeks $36M penalty against AMP unit in insurance churn case
Financial Services 2019-06-19 5:13 pm By Miklos Bolza

The Australian Securities and Investments Commission has asked a court to impose penalties of up to $36 million on an AMP subsidiary for failing to take reasonable steps to stop its representatives from churning life insurance policies.

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AMP admits to breaches in ASIC’s insurance churn case
Financial Services 2019-05-21 12:43 pm By Miklos Bolza

AMP’s financial planning unit has admitted it breached the Corporations Act when at least one of its representatives engaged in so-called insurance policy churning, in a case brought by the Australian Securities & Investments Commission that will now head to a hearing on penalties next month.

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