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Showing 141 - 150 of 2653 results for %22ASIC Act%22

ASIC fines fintech for misrepresenting crypto product

CASSANDRA BALDINI  |  WEDNESDAY, 27 SEP 2023
... attracting about 700 customers and funds totalling around $1.6 million. To acquire the interest earning investment product, ASIC said customers deposited AUD into a Bobbob account. The AUD deposits were then exchanged for the crypto-asset USD Coin (USDC) ...

ANZ hit with $15m penalty for misleading customers

ANDREW MCKEAN  |  TUESDAY, 26 SEP 2023
... misleading customers over the funds available to them in select credit card accounts. The Court found that ANZ breached both the ASIC and the National Consumer Credit Protection Act by falsely indicating that customers could access a cash advance from ...

Licensees shun remediation obligations: ASIC

KARREN VERGARA  |  TUESDAY, 26 SEP 2023
... remediate clients in a fair and timely manner, operating under a framework that lacks appropriate oversight and accountability. ASIC measured large licensees against standards in Regulatory Guide 277 Consumer Remediation and found several gaps that could ...

NextGen Financial Group forced into liquidation

KARREN VERGARA  |  MONDAY, 25 SEP 2023
... failed to pay more than $270,000 it is owed. The Federal Court hearing is set for October 3 in Melbourne, according to an ASIC notice. Last year, WJ & V Drakoulis Super took NextGen to AFCA, alleging it provided bad financial advice that involved investing ...

NAB to pay $2.1m for knowingly overcharging customers

JAMIE WILLIAMSON  |  FRIDAY, 22 SEP 2023
... charge $1.80 for periodic payments to other accounts within NAB and $5.30 for periodic payments to accounts at another bank, ASIC explained. NAB's terms also stated that customers would be entitled to exemptions from periodic payment fees for certain ...

Trading platform pays $830k over suspicious trades

JAMIE WILLIAMSON  |  THURSDAY, 21 SEP 2023
... be placed despite it being reasonable to assume the orders were being placed to bump up the closing price of OCC shares, ASIC said. This is because the orders were entered or amended late in the CSPA; were for a very small volume and value; they returned ...

ASIC takes legal action against crypto exchange

ANDREW MCKEAN  |  THURSDAY, 21 SEP 2023
ASIC has commenced civil penalty proceedings against Bit Trade, provider of crypto exchange Kraken, following alleged failures to adhere to design and distribution obligations for margin products offered to Australian customers. Since the introduction ...

Boards must crack down on cybersecurity: ASIC

CASSANDRA BALDINI  |  TUESDAY, 19 SEP 2023
... and directors that neglect cybersecurity risks, saying to do so could result in non-compliance with regulatory obligations. ASIC chair Joe Longo said cybersecurity and resilience are not merely technical matters on the fringes of directors' duties. ...

Adviser exam records 73% pass rate

JAMIE WILLIAMSON  |  FRIDAY, 15 SEP 2023
... candidates attempt the exam. Of these, 150 passed. About 72% of the candidates were sitting the exam for the first time, ASIC said. The 150 candidates who passed in August brings the total number of advisers to pass the exam since its first sitting back ...

Experience pathway enshrined in legislation

KARREN VERGARA  |  FRIDAY, 8 SEP 2023
... clearing and settlement of cash equities traded in Australia, which is dominated by the ASX's ASX Clear and ASX Settlement. ASIC now has new rule-making power to facilitate competitive outcomes in the provision of clearing and settlement service, while ...