AMP’s earnings dive as class actions loom

AMP Ltd last Friday (July 31) provided an update on its 1H20 interim operating earnings, showing bruising effects from covid-19, including market volatility and a credit loss provision in AMP Bank.

ASIC reports 52% jump in FSRC actions

ASIC has reported a 52% increase in enforcement investigations, triggered by the financial services royal commission (FSRC), involving CBA, NAB, Westpac, ANZ and AMP, or their officers or subsidiary companies.

Freedom remains in ‘holding pattern’

Freedom Insurance Group Ltd is in a “holding pattern” Freedom Insurance Group Ltd chair Pauline Vamos told shareholders today at an extraordinary general meeting (Insurance News, February 18).

ASIC takes action against SMSF auditors

ASIC has taken action against several of SMSF auditors after concerns about their failure to meet requirements, including independence and auditing standards, failing to comply with continuing professional development (CPD) requirements and otherwise not being fit and proper persons.

Freedom readies for wind-up

Shareholders of direct insurer Freedom Insurance Group Ltd have been asked to approve $220,000 in remuneration to liquidators Joseph Hayes and Andrew McCabe of Wexted Advisors at an extraordinary general meeting on February 21 to wind up the company.

ASIC finds some PYSP communications lacking

ASIC has found some super trustees’ member communications lacking about changes introduced through the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP).

Choice’s TPD junk policy claim based on old data, ignores code of practice improvements: FSC

Financial Services Council (FSC) has refuted consumer advocate Choice’s and its partner advocate Super Consumers Australia’s (SCA) super figures and their claim total and permanent disability (TPD) policies in super are nothing but junk, saying Choice’s figures are based on out-of-date 2016-17 data that ignore “significant” improvements after the Life Insurance Code of Practice came into force.

Court fines AMP $5.2m for insurance ‘churn’

Federal Court Justice Michael Lee has ordered wealth manager AMP Financial Advice Pty Ltd to pay a penalty of $5.2m for failing to prevent its financial planners’ churn clients’ insurance policies.

ASIC gets order to wind up Brisbane firm

The Federal Court of Australia in Melbourne has ordered financial services fund Global Merces Funds Management Ltd to be wound up on “just and equitable grounds”.

ASIC slugs adviser with permanent ban

ASIC has permanently banned SMSF financial adviser (FA) Tram Tran of NSW after she allegedly transferred a client’s self-managed super fund (SMSF) into a trust account, for which she was the sole director, and after disqualifying her in July as SMSF auditor.