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Showing 271 - 280 of 688 results for "Penalty"

E&P pulls the plug on DASS

KARREN VERGARA  |  WEDNESDAY, 19 JAN 2022
... Property Fund (URF). Kosen-rufu, which is part of the class action, attempted to freeze the payable $7.2 million civil penalty ASIC slapped on DASS that same month. Despite the trouble it has caused investors, ASIC dropped its case against DASS in July ...

Federal Court imposes $4m penalty on industry fund

CHLOE WALKER  |  TUESDAY, 18 JAN 2022
... within10 days of becoming aware of them, as then required by law. On 22 December 2021, the Court imposed a $3.5 million penalty for the misleading correspondence and $500,000 for failing to report the breach to ASIC. In handing down the reasons for his ...

ASIC unveils details of FSCP operations

CHLOE WALKER  |  THURSDAY, 23 DEC 2021
... financial adviser's registration, issue infringement notices in certain circumstances, recommend that ASIC commence civil penalty proceedings, and enter into enforceable undertakings with advisers. ASIC can refer advisers to the FSCP if it believes that ...

Federal Court fines Mayfair $30m

CHLOE WALKER  |  THURSDAY, 23 DEC 2021
James Mawhinney's Mayfair 101 Group has been ordered to pay a combined penalty of $30 million for misleading advertising. In handing down the decision, Justice Anderson said the increased penalties were appropriate, noting that those sought by ASIC ...

Disgraced former fund manager chief declared bankrupt

JAMIE WILLIAMSON  |  TUESDAY, 21 DEC 2021
... The former chief executive of MFS Group - later known as Octaviar - has been declared bankrupt after he failed to pay a penalty to ASIC of $300,000. The Federal Court made the order against Michael Christodoulou King based on the unpaid penalty even ...

OnePath Custodians sued over fees for no service

JAMIE WILLIAMSON  |  WEDNESDAY, 15 DEC 2021
Civil penalty proceedings have commenced in the Federal Court against OnePath Custodians for allegedly charging super fund members fees for no service, filed by ASIC. ASIC is alleging OnePath incorrectly charged more than $4 million in fees to more ...

ASIC sues ANZ in final civil RC case

JAMIE WILLIAMSON  |  THURSDAY, 9 DEC 2021
... major bank impacting thousands of customers." ANZ said it will join ASIC in submitting to the Federal Court a proposed penalty of $25 million and that it has enhanced its processes.

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 ...