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Search ResultsShowing 91 - 100 of 100+ results for "Regulatory"
CBA in court for overcharging interest
ELIZABETH MCARTHUR  |  TUESDAY, 1 DEC 2020
ASIC has commenced proceedings against the Commonwealth Bank (CBA) for overcharged interest to thousands of customers, as revealed during the Royal Commission. In the Federal Court, ASIC will allege that CBA charged a rate of interest on business overdraft ...
APRA takes action against Westpac
JAMIE WILLIAMSON  |  TUESDAY, 1 DEC 2020
... management framework, ensuring accurate calculation of the LCR and NSFR1. While Westpac's LCR and NSFR are comfortably above regulatory minimums, APRA's actions reflect how seriously we view breaches of our prudential requirements," APRA deputy chair ...
Government backs disciplinary body in principle
KARREN VERGARA  |  MONDAY, 30 NOV 2020
... system that covers all financial advisers, including individual tax (financial) advisers, is in the works and that any regulatory overlap should be reduced. "Tax (financial) advisers will only be subject to a single disciplinary regime," he said. The ...
ASIC cancels two AFSLs
ELIZA BAVIN  |  MONDAY, 30 NOV 2020
ASIC has cancelled the AFSLs of two financial services providers, one from Victoria and the other from Western Australia. Victorian financial services provider Jels Financial Group has had its license cancelled by the regulator for failing to demonstrate ...
ASIC takes action against missing woman
ELIZABETH MCARTHUR  |  FRIDAY, 27 NOV 2020
ASIC has taken action against Maliver and its sole director, Melissa Caddick - who has been missing in unclear circumstances for over a week - over concerns investor funds were misappropriated. The Federal Court has made interim orders against Maliver ...
SMSF fraudster sentenced
ELIZABETH MCARTHUR  |  FRIDAY, 27 NOV 2020
Craig Gore was sentenced to five years' imprisonment with a non-parole period of two years on six counts of fraud involving $345,000. Gore was initially arrested on 14 April 2017 after being charged with fraud relating to obtaining funds from self-managed ...
Serious financial crime drops significantly
ELIZA BAVIN  |  THURSDAY, 26 NOV 2020
The abundance of serious financial crime has dropped significantly from last year, according to AUSTRAC's Fintel Alliance operations report. In FY2018/19 15% of the group's operations were in relation to serious financial crime, with the FY2019/20 year ...
Exemptions to AFSLs explained by ASIC
ELIZA BAVIN  |  THURSDAY, 26 NOV 2020
The Australian Securities and Exchange Commission (ASIC) has provided guidance to trustees of unregistered managed investment schemes in relation to whether they require an Australian financial services licence. The regulator stressed that a trustee ...
ClearView streamlines underwriting
KARREN VERGARA  |  WEDNESDAY, 25 NOV 2020
... decision to implement ALLFINANZ Cloud ensures ClearView is able to dynamically manage its compliance obligations and any regulatory changes while pursuing long-term sustainable growth," Lowe said. Other life insurers that have adopted ALLFINANZ Cloud ...
ASFA adds board members
KARREN VERGARA  |  WEDNESDAY, 25 NOV 2020
... Frank join the ASFA Board as we work to address the challenges presented by COVID-19, the changing legislative and regulatory landscape, and the increasing importance of securing sustainable retirement outcomes for Australians." The board also comprises ...
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