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Showing 1 - 10 of 7528 results for "Regulator"

Federal Court rejects two CBA class actions

KARREN VERGARA  |  MONDAY, 13 MAY 2024
The Federal Court shut down two class actions against Commonwealth Bank of Australia (CBA) relating to anti-money laundering and counter-terrorism financing (AML/CTF). AUSTRAC alleged as early as 2017 that the bank contravened the Anti-Money Laundering ...

Brisbane financial adviser has assets frozen

ANDREW MCKEAN  |  FRIDAY, 10 MAY 2024
... the Federal Court against Brisbane financial adviser Sunny Prakash and his many associated companies. The corporate regulator is investigating Prakash and his "related companies" - Principal Financial Services Pty Ltd, Self-Managed Super Pty Ltd, Provest ...

'Just do what you say you'll do': ASIC's message to trustees

JAMIE WILLIAMSON  |  FRIDAY, 10 MAY 2024
... three of the funds they looked at were failing to even do basic checks of adviser fee deductions. This comes despite regulator warnings to improve on this back in 2021." While trustees were specifically warned on advice fee deductions in 2021, they were ...

ASIC slams funds' serious deficiencies over advice fee charges

JAMIE WILLIAMSON  |  THURSDAY, 9 MAY 2024
... operators" as a new report identifies serious deficiencies in their monitoring of financial advice fee deductions. The regulator has also called into questions trustees' oversight of advisers, discovering shortcomings in monitoring processes. For its ...

APRA 'continuing to monitor' UniSuper outage

JAMIE WILLIAMSON  |  THURSDAY, 9 MAY 2024
... for the outcome - which is the inability of customers to lodge claims or access other services." Meanwhile, corporate regulator ASIC said that the matter "predominantly concerns APRA," but offered a general comment on member services failures. "Member ...

J.P. Morgan hit with $775k penalty

ELIZA BAVIN  |  THURSDAY, 9 MAY 2024
J.P. Morgan Securities Australia Limited (JPMSAL) has been hit with a $775,000 fine by the Markets Disciplinary Panel (MDP) following an investigation by the Australian Securities and Investments Commission (ASIC). The MDP found JPMSAL permitted suspicious ...

AFCA and CSLR sign MoU

ELIZA BAVIN  |  THURSDAY, 9 MAY 2024
The Australian Financial Complaints Authority (AFCA) and Compensation Scheme of Last Resort (CSLR) have signed a Memorandum of Understanding (MoU) setting out how they will work together to support a fair and efficient financial services sector. The ...

AMP launches alternative debt fund

ELIZA BAVIN  |  WEDNESDAY, 8 MAY 2024
AMP is launching a new investment solution to provide bespoke access to global private debt investments in developed markets. AMP said the total volume of institutional assets under management allocated to private debt is estimated to be around US$1.7 ...

ASIC clamps down on advisers, trustees cold calling

KARREN VERGARA  |  TUESDAY, 7 MAY 2024
... good retirement outcomes for clients and members to uphold member trust and the integrity of the financial system," the regulator said. "This includes notifying ASIC when becoming aware of activity associated with unscrupulous cold calling for superannuation ...

HESTA names chief financial officer

ELIZABETH FRY  |  TUESDAY, 7 MAY 2024
... she spent six years at the Commonwealth Bank as a healthcare analyst and project manager at Australia's anti-trust regulator. Kelly also sits on the board of St Andrew's Private Hospital and is a long-time supporter of MS Angels, which supports ...
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