WebDec 15, 2024 · ASIC alleges that OnePath incorrectly charged its members over $4 million in fees without providing a service, moves that impacted over 18,000 individual accounts. WebDec 15, 2024 · A. ASIC has commenced Federal Court action against superannuation trustee OnePath Custodians for allegedly charging fees for no service and making false and misleading representations to fund members. ASIC alleges OnePath incorrectly charged over $4 million in fees to more than 18,000 fund members when it was not …
ASIC sues OnePath over fees for no service misconduct
WebThe report indicates that, to date, ASIC has no evidence of fee-for-service failures of a similar scale occurring in licensees outside these institutions. (ASIC Report 499, at para 12.) ... a view of the period from 1 July 2008 to 30 June 2015 to include the 15 AMP-owned advice licensees that charged ongoing service fees in the period, with an ... WebSep 20, 2024 · ASIC deputy chair Sarah Court said super trustees should take heed of the $14.6 million fine. ... which found sector-wide instances of charging “fees for no service” … sibel thorsen
How to Get Your Refund On Dodgy Financial Advice - Fees for no …
WebSep 19, 2024 · If ASIC succeeds in its action against two subsidiaries of the National Australia Bank, the rest of the industry will be put on notice. Fees for no service: how ASIC is trying to make corporate ... WebApr 11, 2024 · [email protected] +44 (0)1740 617 920. ASIC, Fasttrack House, Pearson Way Thornaby on Tees, UK. TS17 6PT WebFeb 4, 2024 · Hayne noted that until the Royal Commission was established, “ASIC and the relevant entities approached the fees for no service conduct as if it called, at most, for the entity to repay what it had taken, together with some compensation for the client not having had the use of the money”. sibel tenish