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Showing 181 - 190 of 659 results for "Penalty"

Issuers must lift DDO game: ASIC

CASSANDRA BALDINI | THURSDAY, 4 MAY 2023

... through to court proceedings, especially where we see egregious failures," Chester said. "We have already commenced civil penalty proceedings for alleged DDO breaches against a distributor of an investment product and an issuer of a credit product. We ...

Link Group sells Funds Solutions, settles with FCA

CASSANDRA BALDINI | THURSDAY, 20 APR 2023

... is conditional on the sale going ahead. Link Group has further agreed to provide up to $111 million. While a financial penalty could have been imposed, the FCA said it won't be to ensure shareholders receive as much as possible. As part of the settlement ...

Former Octaviar director sees charges dropped

CHLOE WALKER | TUESDAY, 4 APR 2023

... judge. In 2021, MFS Group former chief executive Michael Christodoulou King was declared bankrupt after he failed to pay a penalty to ASIC of $300,000. MFS Group, later Octaviar, collapsed in 2008 owing $2.5 billion. It was a publicly listed company. ...

Former director hit with dishonesty charges

ANDREW MCKEAN | WEDNESDAY, 22 MAR 2023

... dishonest related to financial products or services while operating a financial services business can carry a maximum penalty of 15 years imprisonment. Alternatively, offenders may face a fine of up to $945,000 or three times the total value of the benefits ...

Jones to prioritise CSLR legislation

KARREN VERGARA | TUESDAY, 21 MAR 2023

... personnel, deferred remuneration, and notification obligations. Failing to abide by an obligation can lead to a civil penalty of up to 50,000 penalty units, three times the value of the benefit derived or detriment avoided by the entity, or 10% of its ...

Court fines ANZ for dodgy introducer program

KARREN VERGARA | MONDAY, 13 MAR 2023

ANZ has copped a $10 million penalty for its home loan referral program that breached consumer credit protection laws. The Federal Court found that the bank's Home Loan Introducer Program enabled unlicensed third parties to refer customers to ANZ for ...

Expect more greenwashing action: ASIC

RACHEL ALEMBAKIS | FRIDAY, 3 MAR 2023

... and legal, investment and operations because all parts of the financial process have answers, he said. "This is a civil penalty proceeding," Steffanoni said. "With cases alleging misleading and deceptive conduct, ASIC will have to prove that the conduct ...

SEC fines Mormon Church investment arm

KARREN VERGARA | WEDNESDAY, 22 FEB 2023

... Ensign Peak agreed to settle with the SEC, paying US$4 million in penalties. The church also agreed to pay a $1 million penalty.

Financial Circle director convicted, fined

CHLOE WALKER | TUESDAY, 21 FEB 2023

... of the alleged offending, the charge of acting in the management of a corporation whilst disqualified carried a maximum penalty of imprisonment for one year. The matter was prosecuted by the Commonwealth Director of Public Prosecutions after a brief ...

Wilsons Advisory fined $550k by ASIC MDP

JAMIE WILLIAMSON | FRIDAY, 3 FEB 2023

Wilsons Advisory and Stockbroking paid the significant penalty which was issued by the Markets Disciplinary Panel (MDP) after it found the firm to have incorrectly reported many trades as Trade with Price Improvement (TWPI). The $548,328 penalty was ...

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Australian Unity to shed 195 roles

MATTHEW WAI

Australian Unity is reducing its workforce by 195 positions due to underperformance stemming from delays in government support for its Home Health platform and the integration of several businesses.

Count shutters limited-advice business, slips in size ranking

MATTHEW WAI

Count Financial has reportedly wound up its restricted SMSF/limited-advice service, losing some 26 advisers on the Financial Adviser Register, latest data shows.

First Super recruits head of investments from Prime Super

MATTHEW WAI

First Super has appointed a new head of investments, replacing Chris Artis, who was in the position for the past three months on an interim basis.

BMO eyes Euroz Hartleys' capital markets business

KARREN VERGARA

Euroz Hartleys confirmed it is in discussions with Canada's BMO Financial Group for a potential sale of its capital markets business for $145 million.

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