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Showing 241 - 250 of 668 results for "Penalty"

Government welcomes ATO family trust guidance

CHLOE WALKER  |  TUESDAY, 12 APR 2022
... ATO's clarification that ordinary advice services provided in exchange for an advisory fee are not subject to the promoter penalty provisions will also be welcomed. "While these are important clarifications from the ATO, the Government will continue ...

Mawhinney appeals 20-year ban

ELIZABETH MCARTHUR  |  MONDAY, 11 APR 2022
... Mawhinney has launched an appeal against his 20-year ban from financial services. Mawhinney is also appealing a $30 million penalty handed down in the Federal Court to Mayfair 101 for misleading advertising. "The events of the past two years have been ...

Westpac fined $1.5m for mis-selling insurance

ANDREW MCKEAN  |  FRIDAY, 8 APR 2022
The Federal Court has ordered Westpac to pay a $1.5 million penalty for mis-selling consumer credit insurance with its credit cards and Flexi Loans, to customers who hadn't agreed to buy insurance policies. This penalty has come as a result of Westpac's ...

ASIC takes Federal Court action against Macquarie Bank

ANDREW MCKEAN  |  TUESDAY, 5 APR 2022
ASIC has started civil penalty proceedings in the Federal Court against Macquarie Bank Ltd over alleged failures to monitor third party withdrawals from customer accounts. The corporate watchdog said that limited monitoring by Macquarie of transactions ...

Childcare key to super gap

ELIZABETH MCARTHUR  |  WEDNESDAY, 23 MAR 2022
... time out of the workforce to raise children," HESTA chief executive Debby Blakey said. "This is effectively a financial penalty women pay and it's unacceptable and deeply unfair. It's why we want to see gender equality measures in next week's Federal ...

Dealer group faces anti-hawking charges

JAMIE WILLIAMSON  |  TUESDAY, 22 MAR 2022
... National Advice Solutions has been charged under the previous provisions. At the time of the alleged offences, the maximum penalty for each breach of s992A(3) of the Corporations Act was $133,200. The matter is being prosecuted by the Commonwealth Director ...

Super Fierce targets gender wealth gap

JAMIE WILLIAMSON  |  TUESDAY, 8 MAR 2022
... reality," Probert said. Super Fierce estimates the real super gap is likely around the 50% mark. "There is a particularly high penalty for mothers, which is ridiculous given parenting is the one thing that no society or economy can do without. The average ...

Aware Super advice arm to pay $20m fine

CHLOE WALKER  |  FRIDAY, 18 FEB 2022
The industry super fund's financial advice subsidiary has been hit with a $20 million penalty for charging over 25,000 customers more than $50 million in fees for no service. Between 21 August 2014 and 30 June 2018, Aware Financial Services, formerly ...

Hostplus hits members with new fee

ELIZABETH MCARTHUR  |  THURSDAY, 10 FEB 2022
... fund and PST to recover such costs. As a result of these legislative changes, the trustee risks becoming insolvent if a penalty were to be imposed on it, or its directors (e.g., as a result of an inadvertent breach of Commonwealth legislation), and the ...

RI Advice slapped with $6m penalty

KARREN VERGARA  |  FRIDAY, 4 FEB 2022
RI Advice was slapped with a $6 million penalty for failing to keep tabs on a representative who invested clients' money in risky and complex financial products. The Federal Court found that RI Advice failed to take the appropriate steps to ensure ...