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Showing 91 - 100 of 502 results for "CIV"

MLC to face court over insurance failures

JAMIE WILLIAMSON  |  FRIDAY, 19 NOV 2021
ASIC is suing MLC over insurance failures spanning more than 20 years. The regulator commenced civil penalty proceedings in the Federal Court for insurance policy and service failures that occurred between 1999 and 2020. The action is against MLC Limited ...

ASIC sues timeshare company

KARREN VERGARA  |  WEDNESDAY, 3 NOV 2021
Timeshare company Ultiqa Lifestyle Promotions is in the firing line for providing bad financial advice, following an investigation by ASIC. ASIC alleges that between October 2017 to March 2019 the advice was provided by authorised representatives promoting ...

CBA pleads guilty to selling junk insurance

ANNABELLE DICKSON  |  MONDAY, 1 NOV 2021
Commonwealth Bank pleaded guilty to 30 criminal charges relating to misselling consumer credit insurance. The charges were brought by ASIC and relate to CBA's promotion and sale of CreditCard Plus and Loan Protection policies as an add-on insurance ...

ASIC sues former Freedom Insurance staff

KARREN VERGARA  |  MONDAY, 25 OCT 2021
A former Freedom Insurance director and consultant will head to Federal Court for their alleged involvement in aggressive sales tactics. ASIC has commenced civil penalty proceedings against former Freedom Insurance managing director of Keith Cohen and ...

ASIC looks to extend CFD intervention

ELIZABETH MCARTHUR  |  TUESDAY, 19 OCT 2021
The regulator is seeking support from government to extent its product intervention powers on contracts for difference (CFDs) until they are revoked or sunset in 2031. The product intervention order will expire on 23 May 2022 unless it is extended with ...

ASIC commences proceedings against Diversa

ELIZABETH MCARTHUR  |  MONDAY, 11 OCT 2021
The regulator is taking Diversa Trustees to court over failing to maintain oversight of a now banned financial adviser. Diversa is the trustee for $1 billion Future Super, Mason Stevens Super, ING Super and MAP Master Super - later known as OneSuper ...

Adviser exam cost jumps under new bill

KARREN VERGARA  |  THURSDAY, 30 SEP 2021
The Better Advice Bill is proposing several changes to the mandatory financial advice exam, including substantially increasing the cost of each sitting. The Financial Sector Reform (Hayne Royal Commission Response-Better Advice) Bill 2021 exposure draft ...

AMP sued over corporate super misconduct

JAMIE WILLIAMSON  |  FRIDAY, 30 JUL 2021
ASIC is suing several AMP entities over fees for no service charged on corporate superannuation accounts. The regulator has commenced civil proceedings in the Federal Court against six companies that are, or were at the time of the conduct, part of ...

BTFM, Asgard Capital fined $3m

KARREN VERGARA  |  MONDAY, 26 JUL 2021
The Federal Court will force BT Funds Management and Asgard Capital Management to pay $1.5 million each for charging fees for no service and making misleading statements. Between September 2014 and August 2017, the court found that the companies harmed ...

ASIC prepares licensees for reference checks

KARREN VERGARA  |  WEDNESDAY, 21 JUL 2021
ASIC released more information on what financial advisers can expect from the new reference checking laws, which take effect on October 1. New protocols administered by ASIC requires a licensee recruiting a prospective financial adviser to request a ...