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

Search Results

Showing 211 - 220 of 661 results for "Penalty"

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 ...

MobiSuper, licensee to pay $250k penalty

JAMIE WILLIAMSON  |  MONDAY, 29 AUG 2022
MobiSuper and its licensee will pay a $250,000 penalty for breaching superannuation advice laws while promoting the MobiSuper fund. MobiSuper and ZIB Financial will pay the combined penalty after the Federal Court found MobiSuper representatives had ...

Contact AFCA now: ASIC urges Dixon Advisory clients

JAMIE WILLIAMSON  |  THURSDAY, 4 AUG 2022
... accepted. Administrators were appointed to Dixon Advisory on January 19, close to two years after ASIC launched civil penalty proceedings against the group for alleged conflicts, best interest failures, and inappropriate advice. A hearing on liability ...

Consultation on faith-based products opens

JAMIE WILLIAMSON  |  THURSDAY, 21 JUL 2022
... legislation, failing to notify APRA of any changes that might affect how the product is assessed would attract a civil penalty equivalent to $532,800, explanatory materials show. Treasury is hoping to have the legislation updated in time for faith-based ...

Fraud charges laid over unlicensed scheme

CASSANDRA BALDINI  |  WEDNESDAY, 20 JUL 2022
... carrying on a financial services business without an AFSL or operating an unregistered managed investment scheme. The maximum penalty for each offence of fraud under the Criminal Code WA is seven years' imprisonment, or 10 years if the person deceived ...

$150m capital overlay no more for Allianz Australia

CHLOE WALKER  |  FRIDAY, 15 JUL 2022
... and a range of other institutions to undertake following 2017's Prudential Inquiry into Commonwealth Bank. The capital penalty was to remain in place until the insurer completed remediation work to strengthen risk management and close gaps identified ...

Victorian AR charged with providing unlicensed advice

CASSANDRA BALDINI  |  WEDNESDAY, 13 JUL 2022
... the case. On the occasions where consumers allegedly followed Bhandari's advice, his business received fees. The maximum penalty for an individual person found guilty of engaging in dishonest conduct in the course of carrying on a financial services ...

ASIC takes Lanterne Fund Services to court

ANDREW MCKEAN  |  THURSDAY, 7 JUL 2022
ASIC has issued civil penalty proceedings against wholesale licensee Lanterne Fund Services, saying it operated with almost no compliance staff or risk management processes. The regulator alleges that Lanterne has on multiple occasions failed to meet ...

TWUSUPER adds fee to combat cross subsidisation

JAMIE WILLIAMSON  |  TUESDAY, 5 JUL 2022
... services fee to establish a trustee reserve. "The [January 1 legislative] changes mean that if TWUSUPER were to face a penalty or liability - even a small fine from a regulatory authority - the trustee could become insolvent, potentially leaving the ...