Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 111 - 120 of 671 results for "Lodge"

ASIC cracks down on Prospero for reporting failures

CHLOE WALKER  |  WEDNESDAY, 10 JAN 2024
... (Prospero). The penalty comes after the Forex and CFD trading platform, which services mainly Chinese-speaking clients, failed to lodge its annual financial statement and audit report for last financial year. Prospero's licence suspension means it cannot ...

CSLR estimates $241m to fund backlog of complaints

JAMIE WILLIAMSON  |  TUESDAY, 9 JAN 2024
The board of the Compensation Scheme of Last Resort (CSLR) estimates $241 million will be needed to fund claims lodged with the Australian Financial Complaints Authority (AFCA) between November 2018 and September 2022. The CSLR is set to begin receiving ...

Licensees flout breach reporting regime: ASIC

KARREN VERGARA  |  WEDNESDAY, 1 NOV 2023
ASIC warned it is taking tougher action on licensees as they fail to comply with the reportable situations regime two years on. Of the 16,836 reports ASIC received from financial services and credit licensees in the year to June 2023, 17% took over ...

Financial services firms hit with criminal charges

CHLOE WALKER  |  TUESDAY, 31 OCT 2023
... said it is actively targeting breaches of financial reporting obligations as required by the Corporations Act. "Failure to lodge audited financial statements may result in cancellation of a licensee's Australian financial services (AFS) licence," ...

Federal Court freezes assets of pension platform

CASSANDRA BALDINI  |  MONDAY, 30 OCT 2023
... failure to submit required documentation, making its current financial position unclear. According to ASIC, Brite failed to lodge its statements and auditors report for the financial year ending 30 June 2022. Further, ASIC said the value of funds under ...

ASIC updates breach reporting rules

KARREN VERGARA  |  FRIDAY, 20 OCT 2023
... are reckless with respect to whether, there are reasonable grounds to believe that a reportable situation has arisen to lodge a report with ASIC if the situation is a related reportable situation." All other reportable situations must be reported within ...

Trading platform pays $830k over suspicious trades

JAMIE WILLIAMSON  |  THURSDAY, 21 SEP 2023
... reasons, including how long it took to close alerts, a lack of action to address the suspicious trades, and its failure to lodge a suspicious activity report with ASIC until 5 November 2021. "The MDP considered that these circumstances demonstrated that ...

Veteran adviser cops permanent ban

KARREN VERGARA  |  TUESDAY, 15 AUG 2023
ASIC permanently banned a financial adviser who has been advising for 34 years after an investigation found, among other violations, that he misappropriated funds and dealt in derivatives without the proper authorisations. Donald James Cuthbertson ...

Former advisers costs CBA $1.2bn in remediation

KARREN VERGARA  |  WEDNESDAY, 9 AUG 2023
Commonwealth Bank's $1.2 billion bad advice remediation bill represented a small fraction of its whopping $10.2 billion profit, the full-year financial results show. The total customer remediation amounted to a huge $2.6 billion in the 2023 financial ...

Trustees to disclose more remuneration details

KARREN VERGARA  |  WEDNESDAY, 2 AUG 2023
... funds are now allowed six months from the end of the financial year to make remuneration disclosures from the time they lodge annual financial statements with ASIC. When the board decides to remunerate executives, it must provide a description of how ...