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Showing 251 - 260 of 661 results for "Penalty"

Avanteos faces criminal charges over deceased super members

ELIZABETH MCARTHUR  |  WEDNESDAY, 8 DEC 2021
... evidence given at the Royal Commission in the context of fee for no service conduct in the financial sector. The maximum penalty for each offence, which occurred between 2016 and 2018, is $180,000. This matter was investigated and referred for prosecution ...

Backlash after 'unprecedented' ASIC action against Westpac

ELIZABETH MCARTHUR  |  THURSDAY, 2 DEC 2021
... said the bank remains committed to remediating past issues. The settlement for the six ASIC cased did not include an ASIC penalty proceeding commenced in April this year over mis-selling of consumer credit insurance. Slater and Gordon practice group ...

ASIC files numerous cases against Westpac

JAMIE WILLIAMSON  |  TUESDAY, 30 NOV 2021
In an unprecedented move, ASIC has commenced six civil penalty proceedings against Westpac for widespread compliance failures in its banking, wealth, superannuation and general insurance businesses. The six matters filed relate to charging fees to deceased ...

La Trobe fined for misleading investors

ELIZABETH MCARTHUR  |  MONDAY, 29 NOV 2021
... investors in its $5 billion fund. The Federal Court has ordered La Trobe Financial Asset Management to pay a $750,000 penalty for false and misleading marketing of the La Trobe Australian Credit Fund, a $5 billion fund which invests in Australian mortgages ...

Plaintiff seeks to ring fence Dixon penalty

KARREN VERGARA  |  THURSDAY, 25 NOV 2021
... plaintiff in the Piper Alderman-led class action against Dixon Advisory is attempting to ring fence the $7.2 million civil penalty determined by ASIC. Kosen-rufu, an applicant in a class action against Evans & Dixon (now E&P Financial Group) and subsidiary ...

MLC to face court over insurance failures

JAMIE WILLIAMSON  |  FRIDAY, 19 NOV 2021
ASIC is suing MLC over insurance failures spanning more than 20 years. The regulator commenced civil penalty proceedings in the Federal Court for insurance policy and service failures that occurred between 1999 and 2020. The action is against MLC Limited ...

E&P Financial Group hit with class action

KARREN VERGARA  |  THURSDAY, 4 NOV 2021
... dropped its Federal Court case against EP1's financial advice arm and instead ordered DASS to pay $7.2 million in penalty and $1 million to cover its legal costs. EP1 said that it is reviewing Piper Alderman's claims and intends to defend itself. ...

ASIC sues timeshare company

KARREN VERGARA  |  WEDNESDAY, 3 NOV 2021
... due to lack of availability. This is the first time ASIC has acted against a timeshare company and has commenced civil penalty proceedings. ASIC classifies timeshare schemes as managed investment schemes and financial products that involve property in ...

CBA pleads guilty to selling junk insurance

ANNABELLE DICKSON  |  MONDAY, 1 NOV 2021
... necessary because the industry did not put customers front and centre." Between October 2011 and July 2015, the maximum penalty for these offences increased from $1,100,000 to $1,700,000 per offence.

ASIC sues former Freedom Insurance staff

KARREN VERGARA  |  MONDAY, 25 OCT 2021
... consultant will head to Federal Court for their alleged involvement in aggressive sales tactics. ASIC has commenced civil penalty proceedings against former Freedom Insurance managing director of Keith Cohen and quality control manager Robert Oayda for ...