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Showing 111 - 120 of 772 results for "Federal Court"

ASIC takes civil action against Firstmac

CASSANDRA BALDINI  |  FRIDAY, 16 DEC 2022
... alleged breaches of design and distribution obligations (DDO). The regulator commenced the civil penalty action in the Federal Court against Firstmac Limited following its first DDO court action filed earlier this month against American Express. Firstmac ...

Adviser imprisoned for super fraud

CHLOE WALKER  |  THURSDAY, 15 DEC 2022
... Wealth and Finance Pty Ltd. Goel has repaid several consumers from funds held in accounts previously frozen by the Federal Court. ASIC deputy chair Sarah Court said that ASIC was particularly concerned by Goel's conduct, which had many characteristics ...

Former Statewide Super executives charged

ANDREW MCKEAN  |  MONDAY, 12 DEC 2022
... misleading information regarding their insurance and failing to report the issue to ASIC in the time required. The Federal Court imposed a $3.5 million penalty for the misleading correspondence and $500,000 for failing to report the breach to ASIC.

OnePath Life sued over utmost good faith duties breach

JAMIE WILLIAMSON  |  THURSDAY, 8 DEC 2022
OnePath Life will face ASIC in Federal Court over failures while handling a mental health claim. In 2016 a customer took out an income protection policy with OnePath Life through an ANZ financial adviser based in Grafton, New South Wales. OnePath Life ...

ASIC commences proceedings over failure to comply

JAMIE WILLIAMSON  |  THURSDAY, 8 DEC 2022
... local subsidiary of TPP Global Investments is the target of ASIC's latest court action. The regulator commenced Federal Court action against Provide Nominees, which trades as Provide Capital, seeking the court's intervention under s70 of the ASIC Act. ...

DASS clients pushed to accept paltry recoupment

ANDREW MCKEAN  |  FRIDAY, 2 DEC 2022
... made to pay $7 million for providing inappropriate advice and not meeting client best interest obligations. The Federal Court found that six Dixon Advisory representatives didn't act in the best interests of eight clients on 53 occasions. Each instance ...

ASIC case against Commonwealth Bank dismissed

CASSANDRA BALDINI  |  WEDNESDAY, 30 NOV 2022
The Federal Court has dismissed proceedings brought by ASIC against the Commonwealth Bank of Australia (CBA) over fees. The court dropped allegations that the bank engaged in misleading or deceptive conduct, made false or misleading representations ...

ASIC sues crypto fintech over unlicensed advice

JAMIE WILLIAMSON  |  THURSDAY, 24 NOV 2022
... providing unlicensed financial advice on crypto-asset products. The regulator commenced civil penalty proceedings in Federal Court against Block Earner, an authorised representative of Flash Partners and AUSTRAC-registered digital currency exchange. ...

ASIC appeals CFS, CBA decision

JAMIE WILLIAMSON  |  THURSDAY, 27 OCT 2022
ASIC is appealing the Federal Court's ruling in its conflicted remuneration case against Commonwealth Bank and Colonial First State. The case related to the Essential Super product, with ASIC alleging the two entities breached conflicted remuneration ...

CommSec, AUSIEX to pay $27m penalty

JAMIE WILLIAMSON  |  WEDNESDAY, 26 OCT 2022
... will pay $7.12 million for systemic compliance failures over a nine-year period. In a case brought by ASIC, the Federal Court found the two companies contravened Market Integrity Rules in a variety of ways and on multiple occasions. The breaches include ...