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Showing 101 - 110 of 603 results for section

Westpac to pay $9.5m for Corps Act breaches

JAMIE WILLIAMSON  |  THURSDAY, 19 DEC 2019
... ASIC. It determined Westpac to be directly responsible for the breaches of the best interests obligations by Sinha under section 961K of the Act. Sinha advised clients to alter their existing superannuation and insurance arrangements for Westpac products ...

18 misconceptions about FASEA code

ELIZABETH MCARTHUR  |  THURSDAY, 19 DEC 2019
An education provider has outlined 18 common misconceptions relating to the Financial Adviser Standards and Ethics Authority Code of Ethics, which comes into effect on January 1. Roger Patterson, whose company Blue Path provides FASEA exam preparation ...

TAL loses group insurance mandate

JAMIE WILLIAMSON  |  THURSDAY, 19 DEC 2019
... of utmost good faith under the Insurance Contracts Act. ASIC is seeking civil penalties for TAL's alleged breach of section 12DB of the ASIC Act - which attracts a maximum penalty of 10,000 penalty units or $1.7 million.

ASIC takes action against TAL over RC case

HARRISON WORLEY  |  TUESDAY, 17 DEC 2019
... used to inform the customer of the claim's voidance "asserted" the customer had breached her duty of good faith under section 13 of the Insurance Contracts Act. ASIC said it believes TAL's investigation of the customer's medical history was ...

FASEA exam tips from those who passed

ELIZABETH MCARTHUR  |  THURSDAY, 28 NOV 2019
A group of financial planners who recently passed the FASEA exam have offered their tips for success to delegates at the 2019 FPA Congress during a chat with the authority's chief executive, Stephen Glenfield. Glenfield sat with Tupicoffs' Delma Newton ...

CommInsure cops $700k hawking fine

HARRISON WORLEY  |  THURSDAY, 28 NOV 2019
... insurance products in the course of unlawful, unsolicited telephone calls. Otherwise known as hawking, the conduct contravenes section 992A(3) of the Corporations Act. The firm made an early guilty plea to the charges earlier this month, which carried ...

APRA responds to industry concerns

ELIZA BAVIN  |  THURSDAY, 28 NOV 2019
... an RSE licensee to undertake the required comparison component of the outcomes assessment for each choice product under section 52(10A) of the SIS Act." The regulator said it appreciated the challenges in undertaking the outcomes assessment in respect ...

AIST finds issues with FASEA code

ELIZABETH MCARTHUR  |  MONDAY, 25 NOV 2019
... preference for piece-by-piece advice rather than holistic or comprehensive advice." She pointed to the Corporations Act section 961B as allowing for scaled advice, Scheerlinck said as the code is currently written it would be possible for an adviser ...

Dover, McMaster found guilty

JAMIE WILLIAMSON  |  FRIDAY, 22 NOV 2019
... last year. The judge deemed the policy to be misleading or deceptive or likely to mislead or deceive in the context of section 1041H of the Corporations Act and section 12DA(1) of the ASIC Act. This is because the introductory clause of the policy did ...

Three advisers cop ASIC bans

KANIKA SOOD  |  WEDNESDAY, 20 NOV 2019
ASIC has banned three financial advisers for up to five years each, in separate banning orders made recently. Wendy Michelle Chapman was banned for five years from providing any financial services. She was most recently employed as a senior planner ...