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Showing 251 - 260 of 573 results for "CEA"

Adviser sentenced to eight years' prison

ELIZABETH MCARTHUR  |  FRIDAY, 9 OCT 2020
A financial adviser has been jailed over using clients' money to fund his lifestyle to the tune of $1.1 million, including $72,000 he spent on a boat, while licensed by AMP, NAB and Synchron. Anthony Dick has been sentenced to eight years in prison ...

Crypto exchange owners charged

KARREN VERGARA  |  THURSDAY, 8 OCT 2020
... CFTC is seeking among other things, a trading ban and permanent injunction from BitMEX violating the Commodity Exchange Act (CEA), and for it to pay civil monetary penalties. It also wants BitMEX to be permanently registered and to restitute customer ...

Perpetual axes geared investment options

ELIZABETH MCARTHUR  |  THURSDAY, 8 OCT 2020
A number of underperforming super options have been axed by Perpetual. Perpetual has terminated its Geared High Growth option, Geared Australian Share option and its Capital Guarantee option for Perpetual Select Super members. Members were notified ...

APRA resumes life insurance intervention

ELIZABETH MCARTHUR  |  WEDNESDAY, 30 SEP 2020
APRA will resume its intervention into the life insurance market to stem ongoing heavy losses in individual disability income insurance. APRA announced its intervention in December last year, highlighting flaws in individual disability income insurance ...

End of Super Complaints Tribunal nears

ELIZABETH MCARTHUR  |  MONDAY, 21 SEP 2020
The Superannuation Complaints Tribunal (SCT) will cease to exist at the end of this year, with the Australian Financial Complaints Tribunal (AFCA) seeking to handle any remaining complaints currently with the SCT. AFCA has opened consultation on changing ...

NAB fined over fees for no service

ANNABELLE DICKSON  |  MONDAY, 14 SEP 2020
The Federal Court of Australia has fined National Australia Bank $57.5 million over deceptive and misleading conduct. The proceedings commenced in 2018 and were initially brought by ASIC against NAB units NULIS and MLC Nominees for the charging of plan ...

Challenges on the horizon for CountPlus

ANNABELLE DICKSON  |  FRIDAY, 28 AUG 2020
CountPlus recorded an increase of net profit after tax to $5.95 million in FY20 from $3.68 million ahead of future challenges to its Count Financial business. The accounting firm increased its cash to $21.11 million, up from $8.5 million in the preceding ...

Vanguard leaves Hong Kong, Japan for Shanghai

ANNABELLE DICKSON  |  THURSDAY, 27 AUG 2020
Vanguard has announced it is exiting its exchange traded fund (ETF) businesses from Hong Kong and Japan to focus on retail clients in mainland China as the two offshore operations did not have "significant scale". The ETF provider said in a statement ...

Pandemic heightened need for SG increase: ASFA

ELIZA BAVIN  |  WEDNESDAY, 26 AUG 2020
In its supplementary pre-budget submission lodged with the government the Association of Superannuation Funds of Australia (ASFA) called for the SG increase to go ahead and an expansion in the coverage of the Fair Entitlements Guarantee (FEG) scheme. ...

ASIC takes action against BTFM, Asgard, StatePlus

JAMIE WILLIAMSON  |  THURSDAY, 20 AUG 2020
ASIC has commenced Federal Court proceedings against BT Funds Management and Asgard over fee-for-no-service conduct and making misleading representations in relation to the fees. It has also launched a similar case against StatePlus. ASIC alleges that ...