Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 201 - 210 of 659 results for "Penalty"

ASIC probes super fund, investment manager greenwashing

RACHEL ALEMBAKIS  |  FRIDAY, 4 NOV 2022
... companies, super funds, and managed funds for potential greenwashing. "Only last week we issued our first greenwashing penalty, and we're currently investigating a number of listed entities, super funds, and managed funds in relation to their claimed ...

ANZ told to pay $25m for 20-year failure

JAMIE WILLIAMSON  |  THURSDAY, 27 OCT 2022
ANZ has been ordered to pay a $25 million penalty for failing to provide banking customers with promised benefits for about two decades. The Breakfree package was introduced in 2003 and was offered with several ANZ products including home loans, credit ...

CommSec, AUSIEX to pay $27m penalty

JAMIE WILLIAMSON  |  WEDNESDAY, 26 OCT 2022
CommSec and AUSIEX will pay the largest penalty ever handed down for breaches of Market Integrity Rules. CommSec has been ordered to pay $20 million while AUSIEX will pay $7.12 million for systemic compliance failures over a nine-year period. In a case ...

ASIC sues BPS Financial over crypto claims

CASSANDRA BALDINI  |  TUESDAY, 25 OCT 2022
ASIC has commenced civil penalty proceedings in the Federal Court against BPS Financial (BPS). The regulator alleged BPS made false, misleading, or deceptive representations and engaged in unlicensed conduct in relation to a non-cash payment facility ...

AMP cops $14.5m penalty over fees for no service

JAMIE WILLIAMSON  |  TUESDAY, 20 SEP 2022
... AMP Life, which has since been acquired by Resolution Life. All five companies admitted to the misconduct. Breaking the penalty down, $4.8 million will be paid by AMP Financial Planning; $720,000 by Hillross; $480,000 by Charter; $2.5 million by AMP ...

Former financial adviser pleads guilty

CASSANDRA BALDINI  |  TUESDAY, 20 SEP 2022
... authorised by Picture Wealth or any other AFSL to provide financial services to clients. The first charge carries a maximum penalty of five years imprisonment, the second is 15 years. The matter was committed to the District Court of Western Australia ...

Dixon Advisory pays $7m for poor advice

JAMIE WILLIAMSON  |  TUESDAY, 20 SEP 2022
... representatives committed the contraventions over a period spanning some three and a half years," the judge said. The total penalty applied was $10.38 million but Dixon Advisory was given a 30% discount for its cooperation and will instead pay $7.26 ...

Charges laid against former BBY head of operations

CASSANDRA BALDINI  |  TUESDAY, 13 SEP 2022
... advised the charges have been made under subsection 82(1) of the Crimes Act 1958 (Vic). Each offence carries a maximum penalty of 10 years imprisonment. Bilton appeared in the Melbourne Magistrate's Court yesterday, the matter was adjourned for further ...

ABN AMRO Clearing pays $222k penalty

ANDREW MCKEAN  |  THURSDAY, 8 SEP 2022
ABN AMRO Clearing Sydney has paid a penalty of $222,000 to comply with an infringement notice given by the Markets Disciplinary Panel (MDP). The MDP found that in 2021, on three occasions, ABN AMRO registered block trades on the ASX24 Market in the ...

Insurers are 'fishing' for non-disclosures: ASIC

ANDREW MCKEAN  |  FRIDAY, 2 SEP 2022
... inconsistencies in claim information. Since March 2019, section 13(2)(A) of the Insurance Contracts Act 1984 imposes a civil penalty on an insurer that fails to act towards an insured with utmost good faith. The penalty did not apply at the time of the ...