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Showing 101 - 110 of 589 results for "Misconduct"

ASIC unveils details of FSCP operations

CHLOE WALKER  |  THURSDAY, 23 DEC 2021
... becomes insolvent under administration. In addition, ASIC must issue a warning or reprimand in relation to certain misconduct. ASIC will do this or make a referral to the panel only after it conducts a thorough investigation. This means that not all ...

Longo's ASIC less aggressive: Report

ELIZABETH MCARTHUR  |  FRIDAY, 10 DEC 2021
... intends to test its powers to the limit and use criminal powers, taking on a bolder appetite in dealing with serious misconduct. Herbert Smith Freehills said it has also observed the European Commission step up enforcement, with the announcement of its ...

Backlash after 'unprecedented' ASIC action against Westpac

ELIZABETH MCARTHUR  |  THURSDAY, 2 DEC 2021
... headline, bank shareholders pay the fine and behaviour does not change." Johnston and the AIOFP are of the view that such misconduct in financial services will not change unless ASIC regulates banking in a similar fashion to the financial advice sector ...

AMP advances demerger

KARREN VERGARA  |  TUESDAY, 30 NOV 2021
... operational challenges since the Hayne Royal Commission. It recently entered into an enforceable undertaking with APRA for misconduct over its superannuation businesses and flagged that $325 million will be wiped out from the balance sheet.

AMP flags $325m performance hit

KARREN VERGARA  |  FRIDAY, 26 NOV 2021
... prices traded as low as $1.015 upon the announcement. The losses are on top of remediation relating to superannuation misconduct ($45m) and an adjustment for the sale of its life insurance and mature business ($65m). AMP chief executive Alexis George ...

Adviser jailed for illegal super access

KARREN VERGARA  |  WEDNESDAY, 24 NOV 2021
... his conduct to ASIC. ASIC deputy chair Sarah Court said: "The sentence imposed demonstrates the seriousness of this misconduct." "Facilitating the unlawful early release of superannuation can lead to the erosion of people's super balances, which ...

APRA hones in on post-retirement products

KARREN VERGARA  |  TUESDAY, 23 NOV 2021
... supervisory powers in superannuation at the event, ASIC chair John Longo spoke of trustees causing significant consumer harm. Misconduct ASIC has exposed since its role expanded to cover super from 1 January 2021 include trustees misleading members in ...

Hume throws shade at trustee rainy day funds

KARREN VERGARA  |  MONDAY, 22 NOV 2021
... Jane Hume has slammed superannuation funds for creating rainy day funds that pay for potential penalties because of misconduct. Hume points to a recent trend in which several super funds applied to the courts seeking permission to charge members a new ...

Complaints filed against ASIC lawyers

JAMIE WILLIAMSON  |  FRIDAY, 19 NOV 2021
... publishing the release, "resulting in more than a dozen major news publications circulating ASIC's damning allegations of misconduct prior to being properly informed of ASIC's case against him". "It is concerning that a regulator considers it needs to ...

ASIC issues warning to finfluencer sponsors

KARREN VERGARA  |  WEDNESDAY, 10 NOV 2021
... about a listed company and bolster its share price. "[It] is important for companies to be aware of these types of misconduct-related risks and their potential for unintended consequences arising from finfluencer collaboration," Armour said in an article ...