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On-platform TDPs miss performance test benchmarks, worst on fees: APRA

ANDREW MCKEAN  |  WEDNESDAY, 29 NOV 2023
APRA has released new insights into superannuation product performance, revealing that most on-platform trustee directed products (TDPs) underperform their benchmark and exhibit higher administration fees.

BBY manager charged with aiding and abetting

KARREN VERGARA  |  WEDNESDAY, 29 NOV 2023
ASIC charged another former employee of BBY with aiding and abetting the dishonest conduct of the stockbroking firm.

ASIC forced to pay James Mawhinney's legal costs

JAMIE WILLIAMSON  |  TUESDAY, 28 NOV 2023
ASIC has been ordered to pay the costs Mayfair 101 managing director James Mawhinney incurred during the regulator's failed attempt at bringing an expanded case against him.

Mercer fined $12m over advice failures

JAMIE WILLIAMSON  |  THURSDAY, 23 NOV 2023
Mercer Financial Advice will pay $12 million after the Federal Court found it failed to meet some disclosure obligations and charged almost $5 million in fees to clients when it was not entitled to do so.

ASIC investigates iExtend over possible unlicensed conduct

CHLOE WALKER  |  THURSDAY, 23 NOV 2023
ASIC has accepted a court enforceable undertaking from iExtend Holdings Company (iExtend) after investigating concerns that it was operating without an AFSL.

Perth Mint enters voluntary enforceable undertaking

CASSANDRA BALDINI  |  THURSDAY, 23 NOV 2023
Perth Mint has entered an enforceable undertaking (EU) with AUSTRAC to improve compliance with Australia's anti-money laundering and counter-terrorism financing (AML/CTF) laws.

Small, large entity regulation needs balance: APRA

KARREN VERGARA  |  WEDNESDAY, 22 NOV 2023
As small financial institutions buckle under macroeconomic pressures, it is a fine balancing act to ensure that they don't suffer unnecessary regulatory burdens to avoid a similar scenario in the US with the collapse of regional banks, APRA says.

ASIC freezes out former Magnolia Capital director

ANDREW MCKEAN  |  WEDNESDAY, 22 NOV 2023
ASIC has banned former Magnolia Capital Group director Mitchel Atkins from managing corporations and providing financial services.

SEC sues Kraken exchange again

CASSANDRA BALDINI  |  WEDNESDAY, 22 NOV 2023
The Securities and Exchange Commission (SEC) has charged Kraken Crypto Exchange for operating its trading platform as an unregistered securities exchange, broker, dealer, and clearing agency.

AFCA secures $1.2bn in refunds

CASSANDRA BALDINI  |  TUESDAY, 21 NOV 2023
Since its inception, the Australian Financial Complaints Authority (AFCA) has clawed back $1.2 billion in compensation and refunds for more than 400,000 consumers and small businesses.