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Self-managed super funds have seen a rapid increase in the last few years, with many people seeking transparent alternatives to traditional superannuation providers for their retirement planning.

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Chris Brycki founded the online investment adviser Stockspot to help people grow their wealth by providing access to low-cost, diversified portfolio opportunities. SMSFs are an attractive avenue for investors, however they require active attention to regulation and administration.

Chris joins host Grace Ormsby on this episode of the nestegg Podcast to share data that disproves common misconceptions around SMSFs, explain why simple investment solutions generally provide better results, and emphasise the importance of generating an investment strategy when setting up one’s own SMSF.

Thanks Chris, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Stockspot are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Friday, 13 December 2019

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Financial heavyweight says sorry to short-changed customers

By Lucy Dean · April 06 2018

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Financial heavyweight says sorry to short-changed customers

By Lucy Dean
April 06 2018

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Financial heavyweight says sorry to short-changed customers

By Lucy Dean · April 06 2018

Reading:

A major bank will make a $3 million community benefit payment after charging fees to customers while denying them essential services.

ANZ will make a $3 million payment to not-for-profit community organisations, the Australian Securities & Investments Commission (ASIC) announced today.

The payment is part of the enforceable undertaking ASIC mandated after finding ANZ had failed to provide its Prime Access customers with the documented annual reviews to which they were entitled.

The $3 million payment is in addition to the $46.81 million ANZ has already given to the more than 10,000 affected clients as compensation. An estimated $50,000 is due to be delivered to affected customers to complete the compensation process.

ANZ group executive of wealth Australia Alexis George said, “We have apologised to those customers who did not receive an annual documented review, part of ANZ Financial Planning’s Prime Access package, between 2006 and early 2013.

“We acknowledge we did not meet customers’ expectations by not providing them the services we promised. We have since introduced measures to prevent this from happening again and have largely completed making remediation payments to impacted clients.”

The period of failures occurred between 2006 and 2013, but ANZ Financial Planning was aware that customers had been denied their annual reviews as early as 2008, ASIC revealed.

Nevertheless, the failures persisted until 2013, with the bank not reporting the breaches to ASIC until August that year.

“Our report into fees for no service in October 2016 identified the major financial institutions' systemic failures in this area, which required affected customers to be fairly compensated and to be provided with the services that they have paid for,” ASIC deputy chair Peter Kell said.

“ASIC considered it critically important that improved systems and procedures be put in place to ensure this breach of trust could not re-occur. This enforceable undertaking with ANZ will deliver on that commitment.”