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Showing 131 - 140 of 284 results for "Enforceable undertaking"

ASIC compensation plummets despite surveillance success

ALEX BURKE  |  MONDAY, 8 AUG 2016
The amount of consumer compensation ASIC secured decreased by 91% in the six months to June 30, 2016, despite increased surveillance outcomes almost across the board. ASIC's latest enforcement report shows that the regulator secured $13.4 million in ...

ASIC needs to focus on prevention, not cure

ALEX BURKE  |  THURSDAY, 21 JUL 2016
ASIC needs to work directly with the advice industry and develop more proactive regulation, according to Affinia chair Steve Helmich. Speaking on a panel at the 2016 FSC Leaders Summit in Melbourne, Helmich said that ASIC's role is to ensure favourable ...

MFSIM execs use $143.5m in client money to repay debts

KERRIE SYDEE  |  TUESDAY, 24 MAY 2016
... order a maximum pecuniary penalty of $200,000 to be paid by each individual. ASIC has also accepted the enforceable undertaking (EU) of Countplus aligned adviser, Brian Dobson, which permanently bans Dobson from providing or being involved with the provision ...

Banned SMSF adviser charged for misappropriating $1.8m

ALEX BURKE  |  FRIDAY, 20 MAY 2016
... that Nowak was an undischarged bankrupt. At the same time, ASIC has also announced it has accepted an enforceable undertaking (EU) from SMSF advice provider Ascentiv Group. The regulator said that it had "identified concerns about the appropriateness ...

ASIC accepts EU of former adviser

KERRIE SYDEE  |  WEDNESDAY, 18 MAY 2016
ASIC has accepted an enforceable undertaking (EU) of former Victorian financial adviser and authorised representative of the Synchron dealer group, Michael Melamed. The EU follows concerns from ASIC that Melamed's advice about life insurance, during ...

ASIC orders HSBC remediation plan for "deficient" advice

ALEX BURKE  |  TUESDAY, 17 MAY 2016
ASIC has accepted an enforceable undertaking (EU) from HSBC Bank Australia concerning "potentially deficient advice" provided on retail structured products. The advice in question was provided between January 2009 and March 2013, affected 464 out of ...

Former CFP GM joins industry super fund

DARREN SNYDER  |  FRIDAY, 15 APR 2016
... Wellbeing from May. Mitchell led CFP for three-and-a-half years and entered the position after ASIC placed an enforceable undertaking. He has 29 years of experience in law enforcement, banking and wealth management. Mine Wealth + Wellbeing said Mitchell ...

Trio Capital compensation complete

KERRIE SYDEE  |  FRIDAY, 1 APR 2016
The Government will not provide further compensation to two groups of SMSF investors affected by the collapsed Trio Capital. In a statement the government said that the two investor groups, made up of Self Managed Super Fund (SMSF) trustees, were not ...

ACE forced to pay $1m for poor Combined sales culture

MARK SMITH  |  FRIDAY, 26 FEB 2016
ASIC has accepted an enforceable undertaking (EU) from ACE Insurance following an investigation into one of its divisions, Combined Insurance. Under the EU, ACE Insurance is required to appoint an independent expert to review Combined's compliance systems ...

Combined Insurance to cease new Australian business

ALEX BURKE  |  WEDNESDAY, 17 FEB 2016
... ACE Insurance, has had multiple run-ins with ASIC, most notably in 2000 when the regulator commenced an enforceable undertaking due to the company "[selling] inappropriate insurance policies to members of at least 18 Aboriginal communities across Australia ...