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Showing 141 - 150 of 890 results for "Failing"

Crescent Wealth to merge into Russell Investments

ANDREW MCKEAN  |  TUESDAY, 30 APR 2024
... Crescent Wealth's superannuation performance test results were disapointing, with three out of four investment products failing. A spokesperson from the fund later criticised the test, arguing that it doesn't consider personal investment decisions ...

Almost one third fail adviser exam

KARREN VERGARA  |  TUESDAY, 30 APR 2024
... the exam in March for the first time, according to ASIC, with 21,102 candidates sitting the exam to date. Those who keep failing the exam can resit it as many times until they pass. Nearly 20,000 or 92% of candidates who have sat the exam have passed ...

Actuaries Institute proposes new performance test measure

ANDREW MCKEAN  |  TUESDAY, 23 APR 2024
... the APRA in how areas of choice option underperformance are understood and rectified. It suggested the consequences for failing the test for choice options could instead require trustees to provide to regulator an action plan to address the underperformance. ...

Macquarie Bank to pay $10m for unauthorised fee transactions

ELIZA BAVIN  |  MONDAY, 22 APR 2024
The Federal Court has ordered Macquarie Bank to pay a penalty of $10 million for failing to have effective controls to prevent and detect unauthorised fee transactions conducted by third parties, such as financial advisers, on customer cash management ...

Adam Blumenthal ordered to pay $850k

ELIZA BAVIN  |  THURSDAY, 18 APR 2024
... clients to purchase shares in Creso. The court determined Blumenthal had breached his duties as a director of EverBlu by failing to comply with its compliance policies and causing it to breach its obligations as an Australian financial services (AFS) ...

ATO targets crypto investors, sharing economy

KARREN VERGARA  |  WEDNESDAY, 17 APR 2024
... investors continue to blunder their tax returns. With a horde of investors jumping on the cryptocurrency bandwagon, many are failing to declare their profits and in some cases the losses, according to H&R Block director of tax communication Mark Chapman. ...

ESSSuper faces class action threat over unpaid super

ANDREW MCKEAN  |  FRIDAY, 12 APR 2024
... (RTBU) over allegations of more than $40 million in unpaid superannuation. The $36 billion super fund has been accused of failing to include shift penalty allowances in superannuation calculations for some members of its Transport Superannuation Fund ...

FCA issues notices to Link Fund Solutions, Woodford

KARREN VERGARA  |  FRIDAY, 12 APR 2024
... fund's demise, leading to the regulator issuing notices. The regulator blamed Link Group's subsidiary LFS for failing to manage the liquidity of the fund between 31 July 2018 and 3 June 2019, when the fund was suspended. LFS failed "to act with ...

'Licensee for hire' fined $1.25m by court

JAMIE WILLIAMSON  |  THURSDAY, 11 APR 2024
Lanterne Fund Services was issued a $1.25 million penalty by the Federal Court for failing to comply with basic obligations, including operating with almost no compliance staff or risk management processes. In July 2022, ASIC issued civil penalty proceedings ...

Life insurers struggle with code compliance

KARREN VERGARA  |  WEDNESDAY, 10 APR 2024
... fastest-growing breach, sharply rising 322% to 963 instances. Breaches related to claims handling obligations rose by 18%. "Failing to address claims promptly not only breaches code obligations but also adds unnecessary stress for customers, undermining ...