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Showing 211 - 220 of 688 results for "Penalty"

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 ...

Stop penalising women: HESTA

CASSANDRA BALDINI  |  WEDNESDAY, 1 FEB 2023
... gender super gap is for government to pay super as part of the Parental Leave Pay Scheme, thus addressing the motherhood penalty. "Women suffer the consequences of reduced super when taking time off work to care for children," it explained. "This is ...