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Showing 141 - 150 of 394 results for "Justice"

Federal Court rules against RI Advice in cybersecurity case

JAMIE WILLIAMSON  |  THURSDAY, 5 MAY 2022
... the risks across its network and will engage a cybersecurity expert to determine if any further measures are necessary. Justice Rofe said cybersecurity should be front of mind for all licensees, adding: "Cybersecurity risk forms a significant risk connected ...

Six cases brought against Westpac now finalised

JAMIE WILLIAMSON  |  FRIDAY, 22 APR 2022
... banking giant to pay a total of $113 million in penalties. A decision in the final of the six matters, all overseen by Justice Beach, was handed down today and saw Westpac fined $40 million for continuing to charge financial advice fees to close to 12,000 ...

Mayfair sues Mission Beach lender

ELIZABETH MCARTHUR  |  THURSDAY, 14 APR 2022
... Federal Court chose to restrain Mawhinney from promoting and raising funds through financial products for 20 years after Justice Anderson found Mawhinney had been "involved in multiple contraventions" of financial services law. The judge described Mawhinney's ...

Mawhinney appeals 20-year ban

ELIZABETH MCARTHUR  |  MONDAY, 11 APR 2022
... Federal Court chose to restrain Mawhinney from promoting and raising funds through financial products for 20 years after Justice Anderson found Mawhinney had been "involved in multiple contraventions" of financial services law. The judge described Mawhinney's ...

BT Funds Management fined $20m

JAMIE WILLIAMSON  |  FRIDAY, 8 APR 2022
... one of the six filed by ASIC at once in November 2021 and the first to see a judgement. In handing down his decision, Justice Beach made note of the fact the unlawful deduction of amounts from member accounts eroded their super balances. The commissions ...

Labor vows to review YFYS test

RACHEL ALEMBAKIS  |  FRIDAY, 8 APR 2022
... said. "Benchmarking is right, we think the metrics we have in place over the long term are not. They're doing rough justice at the moment, but if left alone for another decade, they'll do more rough than justice. "We will definitely look at some ...

Westpac fined $1.5m for mis-selling insurance

ANDREW MCKEAN  |  FRIDAY, 8 APR 2022
... seek significantly increased penalties for misconduct related to the mis-selling of consumer credit insurance products. Justice Katzman believed the issued penalty was appropriate but also considered the contraventions as undeliberate and not reckless ...

Aware Super advice arm to pay $20m fine

CHLOE WALKER  |  FRIDAY, 18 FEB 2022
... holder to act efficiently, honestly and fairly and to comply with financial services laws. In handing down his decision, Justice Moshinsky concluded that Aware FS's conduct was serious and systematic. His Honour also highlighted the large number ...

PE Capital in liquidation

KARREN VERGARA  |  THURSDAY, 10 FEB 2022
... preferential securities when they did not, and in the case of one fund misrepresented the investment strategy that would be used. Justice Cheeseman ordered the following MISs, which were registered, to be wound up: PE Capital Monthly Yield Fund, and ...

RI Advice slapped with $6m penalty

KARREN VERGARA  |  FRIDAY, 4 FEB 2022
... financial services licensees to properly monitor the advice given by their advisers to make sure consumers are protected." Justice Moshinsky determined that RI Advice, a former ANZ subsidiary that is now owned by IOOF, did not have processes to identify ...