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Showing 1191 - 1200 of 2460 results for "Court"

Westpac cops BBSW fine

HARRISON WORLEY  |  MONDAY, 12 NOV 2018
... penalty over its involvement in the bank bill swap rate saga that's ensnared Australian banks this year. On Friday the Federal Court ordered the bank pay $3.3 million for contravening the ASIC Act in its involvement in setting the BBSW eight years ago. ...

Macquarie to front Royal Commission

JAMIE WILLIAMSON  |  MONDAY, 5 NOV 2018
Macquarie Group will front the financial services Royal Commission for the first time when the inquiry reconvenes for its final round of public hearings. Commissioner Kenneth Hayne released the list of entities called to give evidence in the seventh ...

Melbourne AFSL pays $9 million in fines

KANIKA SOOD  |  MONDAY, 5 NOV 2018
... an Australian credit licence authorising it to engage in credit activities other than as a credit provider. The Federal Court has now ordered the AFSL to pay $8,980,000 in penalties on the back of contravening numerous financial services, credit and ...

Frydenberg boosts APRA funding

HARRISON WORLEY  |  MONDAY, 5 NOV 2018
... banned 133 people. The change in its tact appeared to coincide with a change in the law, which required APRA take matters to court. Treasurer Josh Frydenberg said the regulator's new funding would support it in developing a stronger focus on accountability ...

Former adviser jailed, ASIC posts FY18 stats

KARREN VERGARA  |  THURSDAY, 1 NOV 2018
... penalties for misconduct, which it said are more time consuming. In FY18, ASIC said the average time taken to receive a court decision for civil matters has decreased from 27 months to eight months. "This decrease was mainly due to the amount of time ...

One-stop complaints shop opens

DARREN SNYDER  |  THURSDAY, 1 NOV 2018
... Frydenberg said Australians will be spared "the expense and inconvenience associated with taking financial complaints to court." "This new one-stop shop represents a new era for financial dispute resolution, delivering free, fast and binding services ...

NAB signals more bad advice remediation

KARREN VERGARA  |  THURSDAY, 1 NOV 2018
... final outcome and total costs associated with this matter remain uncertain," NAB said. In addition, ASIC commenced Federal Court proceedings on 6 September 2018 against NULIS Nominees and MLC Nominees in relation to PSF. NAB has factored the outcome ...

Enforceable undertakings are effective: Research

KARREN VERGARA  |  FRIDAY, 26 OCT 2018
Despite receiving a bad rap for being ineffective during the financial services Royal Commission, new research finds the majority of enforceable undertakings deter future misconduct. This is according to a joint study conducted by ASIC and the University ...

Bank-owned advice firm requests ASIC extension

DARREN SNYDER  |  MONDAY, 22 OCT 2018
... of the final report and senior executive attestation," ASIC said. On 13 April 2018, ASIC announced that it had accepted a court-enforceable undertaking from CFPL arising from its fees for no service conduct. As part of undertaking, EY was required to ...

Post Royal Commission change is all talk: Shipton

JAMIE WILLIAMSON  |  MONDAY, 22 OCT 2018
... will use every power available to us to punish that behaviour. I am a firm believer in the importance and effectiveness of court-based enforcement tools. They are the foundation of any regulator," Shipton said. Further, in defending ASIC on criticisms ...