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Showing 101 - 110 of 890 results for "Failing"

ASIC sues HSBC Australia over $23m scam losses

MATTHEW WAI  |  MONDAY, 16 DEC 2024
... deputy chair Sarah Court said the bank had simply failed its customers. "We allege HSBC Australia compounded the problem by failing to comply with its obligations under the ePayments Code and let its customers down when they needed their help the most ...

FSCP reprimands two advisers for sloppy tax advice

KARREN VERGARA  |  MONDAY, 16 DEC 2024
... advisers must act in the best interests of the client in relation to the advice. The adviser also contravened section 961G, failing to take any other step that, at the time the advice was provided, would reasonably be regarded as being in the best interests ...

Crypto operator to fork out millions after court ruling

ANDREW MCKEAN  |  FRIDAY, 13 DEC 2024
... trading losses of over US$5 million. "This is a significant outcome. It's ASIC's first penalty against an entity for failing to have a TMD and a reminder for digital assets firms to consider their regulatory compliance obligations," Longo said. ...

FAAA slams 'underlying issues' in CSLR

ELIZA BAVIN  |  THURSDAY, 12 DEC 2024
The Financial Advice Association Australia (FAAA) has made a submission to the Senate Economics Committee inquiry into wealth management companies, highlighting financial advisers' concerns around the Compensation Scheme of Last Resort (CSLR). Specifically ...

Trustees, advisers have 'insufficient focus' on performance

ELIZA BAVIN  |  WEDNESDAY, 4 DEC 2024
... and assessment of the underperforming option," Kirkland said. "These deficiencies were a major factor in the advisers failing to demonstrate compliance with the best interests duty and appropriate advice obligations - and raised concerns about the clients ...

Firms treat CSLR as 'insurance policy': FAAA

KARREN VERGARA  |  MONDAY, 2 DEC 2024
... Libertas Financial Planning, which was owned by Sequoia Financial Group, is one example where ASIC cancelled the AFSL for failing to pay an AFCA determination. Last week, ASIC canned the AFSL of RPD Group Advice for similar reasons in which the CSLR ...

'But for' compensation methodology unfair: FAAA

KARREN VERGARA  |  FRIDAY, 29 NOV 2024
... Australian Financial Complaints Authority (AFCA) Shail Singh explained the reasoning behind the test. "'But for' the failing of the adviser, where would the consumer have been invested?" he said. "It's not about theoretical losses. It's ...

Adviser suspended over wrongful use of ROAs

JAMIE WILLIAMSON  |  MONDAY, 25 NOV 2024
A Matrix Planning Solutions adviser is suspended from providing advice for the next three months after failing to supply Statements of Advice (SOAs) where required. Ian Reid, the principal adviser at Temora's A&B Financial Planning, was suspended for ...

Former adviser charged with dishonest conduct

KARREN VERGARA  |  TUESDAY, 19 NOV 2024
... investments on behalf of clients in Steppes Alternative Asset Management and Trinus Impact Capital from 2016 to 2020, failing to disclose to his clients that he was entitled to, and would receive, substantial commission payments. The matter has been ...

ASIC sues NAB for failing customers

ELIZA BAVIN  |  MONDAY, 18 NOV 2024
The Australian Securities and Investments Commission (ASIC) has filed proceedings against National Australia Bank (NAB) in the Federal Court. ASIC alleges NAB failed 345 of its customers at their most vulnerable when they applied for hardship support ...