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Showing 171 - 180 of 566 results for "Civil"

ASIC sues timeshare company

KARREN VERGARA  |  WEDNESDAY, 3 NOV 2021
... holidays due to lack of availability. This is the first time ASIC has acted against a timeshare company and has commenced civil penalty proceedings. ASIC classifies timeshare schemes as managed investment schemes and financial products that involve property ...

CBA pleads guilty to selling junk insurance

ANNABELLE DICKSON  |  MONDAY, 1 NOV 2021
... unsolicited sale of this insurance through cold calls, secured over $250 million in remediation for customers and has taken civil action against Westpac," Court said. "Today we add criminal proceedings against CBA. These interventions were necessary ...

ASIC sues former Freedom Insurance staff

KARREN VERGARA  |  MONDAY, 25 OCT 2021
... and consultant will head to Federal Court for their alleged involvement in aggressive sales tactics. ASIC has commenced civil penalty proceedings against former Freedom Insurance managing director of Keith Cohen and quality control manager Robert Oayda ...

ASIC looks to extend CFD intervention

ELIZABETH MCARTHUR  |  TUESDAY, 19 OCT 2021
... services, for periods ranging from three to 10 years, for encouraging clients to trade high-risk CFDs. It has also commenced civil proceedings against Forex Capital and its sole director, Shlomo Yoshai. ASIC chased several other OTC derivative issuers ...

ASIC commences proceedings against Diversa

ELIZABETH MCARTHUR  |  MONDAY, 11 OCT 2021
... Super, Mason Stevens Super, ING Super and MAP Master Super - later known as OneSuper - among other funds. ASIC has commenced civil proceedings against Diversa, alleging that between March 2019 and December 2020 it was aware that ASIC was investigating ...

Adviser exam cost jumps under new bill

KARREN VERGARA  |  THURSDAY, 30 SEP 2021
... least twice before 1 January 2022 means their cut-off date is 1 October 2022. The Better Advice Bill is also introducing new civil penalty provisions, which will automatically be considered significant under the breach reporting regime. This includes ...

AMP sued over corporate super misconduct

JAMIE WILLIAMSON  |  FRIDAY, 30 JUL 2021
... several AMP entities over fees for no service charged on corporate superannuation accounts. The regulator has commenced civil proceedings in the Federal Court against six companies that are, or were at the time of the conduct, part of the AMP Limited ...

BTFM, Asgard Capital fined $3m

KARREN VERGARA  |  MONDAY, 26 JUL 2021
... statements which did not show that ongoing adviser fees continued to be deducted. Parent company Westpac agreed to pay the civil penalties for BT and Asgard. Pointing to Asgard, the court said it "breached its obligation to do all things necessary to ...

ASIC prepares licensees for reference checks

KARREN VERGARA  |  WEDNESDAY, 21 JUL 2021
... steps to ensure that their representatives comply with financial services laws or credit legislation," the regulator said. A civil penalty applies for non-compliance. ASIC can also take administrative action if parties do not comply with the new protocol ...

Dixon Advisory to pay $8.2m to settle ASIC action

KANIKA SOOD  |  FRIDAY, 9 JUL 2021
... or more contraventions each of the best interests duty under the Corp oration s A ct. At the time, ASIC said the maximum civil penalty for contraventions it alleged against Dixon Advisory is $1 million per contravention for instances before 13 March ...