The Federal Court has today approved the settlement agreed to by the Bank of Queensland and ASIC, which will see the bank pay $17 million in compensation to former clients of Storm Financial.
A statement posted to the ASX today reveals the court’s decision and explains that the settlement now concludes “both of the outstanding Storm Financial proceedings against BOQ”.
A previous statement from the bank in September outlined the terms of the settlement agreement.
“The gross payment by BOQ to settle ASIC’s proceedings and the class action is $19.7 million, with $17 million of this to be paid to BOQ customers,” a statement from the bank said.
“The settlement agreement includes acknowledgement by all parties that BOQ denies any wrongdoing in relation to both proceedings,” the statement said.
The regulator has banned a financial adviser for five years and cancelled his firm’s AFSL. The Australian Securities ...
The lack of visibility and consistent regulatory instability are stopping prospective talent from entering the advice ...
The introduction of Rhombus Advisory has caused a shift in the top advice licensees as Insignia separates its advice ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin