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Showing 111 - 120 of 594 results for "Misconduct"

Adviser jailed for illegal super access

KARREN VERGARA  |  WEDNESDAY, 24 NOV 2021
... his conduct to ASIC. ASIC deputy chair Sarah Court said: "The sentence imposed demonstrates the seriousness of this misconduct." "Facilitating the unlawful early release of superannuation can lead to the erosion of people's super balances, which ...

APRA hones in on post-retirement products

KARREN VERGARA  |  TUESDAY, 23 NOV 2021
... supervisory powers in superannuation at the event, ASIC chair John Longo spoke of trustees causing significant consumer harm. Misconduct ASIC has exposed since its role expanded to cover super from 1 January 2021 include trustees misleading members in ...

Hume throws shade at trustee rainy day funds

KARREN VERGARA  |  MONDAY, 22 NOV 2021
... Jane Hume has slammed superannuation funds for creating rainy day funds that pay for potential penalties because of misconduct. Hume points to a recent trend in which several super funds applied to the courts seeking permission to charge members a new ...

Complaints filed against ASIC lawyers

JAMIE WILLIAMSON  |  FRIDAY, 19 NOV 2021
... publishing the release, "resulting in more than a dozen major news publications circulating ASIC's damning allegations of misconduct prior to being properly informed of ASIC's case against him". "It is concerning that a regulator considers it needs to ...

ASIC issues warning to finfluencer sponsors

KARREN VERGARA  |  WEDNESDAY, 10 NOV 2021
... about a listed company and bolster its share price. "[It] is important for companies to be aware of these types of misconduct-related risks and their potential for unintended consequences arising from finfluencer collaboration," Armour said in an article ...

Better Advice Bill gets green light

KARREN VERGARA  |  FRIDAY, 22 OCT 2021
The landmark Better Advice Bill, which introduces a new disciplinary body, passed the senate overnight. Under the Financial Sector Reform (Hayne Royal Commission Response-Better Advice) Bill 2021 (Better Advice Bill), from 1 January 2022, the Financial ...

CFS fined $20m over super misconduct

JAMIE WILLIAMSON  |  TUESDAY, 19 OCT 2021
Colonial First State will pay $20 million for misleading members in its FirstChoice Fund. The fine follows the court's decision in September that CFS had misled members on almost 13,000 regarding investment decisions, possibly deterring them from ...

ASIC eyes employee super fund choice

KARREN VERGARA  |  MONDAY, 18 OCT 2021
... regulator will conduct a review this financial year on how trustees abide by its requirements and may consider action where misconduct causing consumer harm is identified. ASIC commissioner Danielle Press said it is important that employers do not take ...

Actuaries Institute devises director skills checklist

JAMIE WILLIAMSON  |  MONDAY, 18 OCT 2021
... reads. In their paper, Rafe and Laughlin question whether directors' failure to understand their businesses enabled the misconduct uncovered by Commissioner Hayne's inquiry. While boards in the financial services industry have certainly changed in recent ...

ASIC calls for stronger whistleblowing policies

ANNABELLE DICKSON  |  THURSDAY, 14 OCT 2021
... corporate regulator saw policies that did not list all the categories of people to whom a whistleblower can report misconduct or qualify for protection. Some policies limited the information to the entities' preferred reporting channels and inaccurately ...