Search ResultsShowing 1 - 10 of 48 results for "ASIC Act"
ASIC names new default super fund
JAMIE WILLIAMSON  |  TUESDAY, 28 MAY 2019
... a superannuation fund will be defaulted into AustralianSuper. From that time, ASIC will employ people under the ASIC Act instead of the Public Service Act. Under the Public Service Act, new employees were defaulted into the Commonwealth ...
Industry fund fined over independent advice claims
KARREN VERGARA  |  THURSDAY, 9 MAY 2019
... using the word "independent" in the recorded telephone message. Hostplus paid a $12,600 infringement notice penalty issued by ASIC. However, ASIC said the payment of the infringement notice is "not an admission of a contravention of the ASIC Act."
ASIC outlines enforcement efforts
ELIZABETH MCARTHUR  |  WEDNESDAY, 10 APR 2019
... case against Westpac in November - with the Federal Court ordering Westpac to pay $3.3 million for contravening the ASIC Act 2001 by its involvement in setting the ASX Bank Bill Swap Rate in 2010. An independent report was ordered by the court, to ...
AMP overhauls wealth leadership
ELIZABETH MCARTHUR AND JAMIE WILLIAMSON  |  THURSDAY, 4 APR 2019
... 196 instances of misconduct relating to financial advice, as well as contraventions to the Corporations Act and the ASIC Act in relation to fees for no service during the Royal Commission. These revelations forced AMP's chief executive at the ...
Westpac cops BBSW fine
HARRISON WORLEY  |  MONDAY, 12 NOV 2018
... Australian banks this year. On Friday the Federal Court ordered the bank pay $3.3 million for contravening the ASIC Act in its involvement in setting the BBSW eight years ago. Additionally, the bank will welcome an independent expert into its ...
NAB, MLC face class action
JAMIE WILLIAMSON  |  THURSDAY, 27 SEP 2018
... Slater and Gordon allege the sales practices amounts to unconscionable conduct, meaning MLC and NAB contravened the ASIC Act. Acting on behalf of customers, the law firm believes NAB knew that its credit card insurance was likely to be of little ...
Retail super funds in hot water: Royal Commission
KARREN VERGARA  |  MONDAY, 27 AUG 2018
... deceptive or likely to misleading or deceive"; Engaging in "unconscionable" conduct contrary to section 12CA of the ASIC Act for charging the PSF, attempting to retain and avoid reimbursement in circumstances where it was known that the fee should ...
Dover AFSL cancelled, McMaster exits industry
JAMIE WILLIAMSON  |  FRIDAY, 29 JUN 2018
... laws. ASIC determined certain terms of the policy were detrimental to clients and unfair under section 12BG of the ASIC Act because they created a significant imbalance in the rights and obligations of the adviser and their client; and were ...
Westpac off the hook in BBSW scandal
KANIKA SOOD  |  FRIDAY, 25 MAY 2018
... as informed by the normative standards and their implicit values enshrined in the text, context and purpose of the ASIC Act specifically and the Corporations Act generally," Justice Jonathan Beach said in his judgement. In the four occasions ...
CBA cops $25 million for BBSW rigging
KANIKA SOOD  |  WEDNESDAY, 9 MAY 2018
... pile of settlement payouts. CBA will acknowledge it "attempted to engage in unconscionable conduct in breach of the ASIC Act" while trading on the BBSW market on five occasions from February to June in 2012. The bank will also concede its policies ...
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