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Showing 281 - 290 of 661 results for "Penalty"

ASIC takes on NAB for fee-for-no service breaches

KARREN VERGARA  |  FRIDAY, 18 JUN 2021
The corporate regulator is fighting tooth and nail to make National Australia Bank pay a hefty penalty for charging customers fees in return for no service. In the Federal Court this morning, ASIC representative Christopher Archibald QC recalled the ...

Halifax auditors face criminal charges

ELIZABETH MCARTHUR  |  TUESDAY, 8 JUN 2021
... Halifax Investment Services. The regulator alleges Evett and his company failed to conduct the audits correctly. The maximum penalty for the offences occurring before 1 July 2017 is a $9000 fine for each charge against Evett and a $45,000 fine for each ...

AUSTRAC investigates NAB, JBWere

KARREN VERGARA  |  MONDAY, 7 JUN 2021
... controls and has more than 1200 staffers working in this department. "At this stage, AUSTRAC is not considering civil penalty proceedings to address AUSTRAC's concerns. This decision is reflective of the work undertaken by the NAB DBG to date. However ...

Forex CT cops $20 million fine

ANNABELLE DICKSON  |  WEDNESDAY, 2 JUN 2021
The Federal Court has handed down a $20 million penalty to Forex Capital Trading for engaging in a system of unconscionable conduct, including the use of high-pressure sales tactics, conflicted remuneration and failing to act in the best interests of ...

Criminal charges filed against ME Bank

JAMIE WILLIAMSON, KANIKA SOOD  |  THURSDAY, 27 MAY 2021
... respect to the price of services, while 12GB(1) lays out the penalties for sub-division D offences, which is 2000 civil penalty units. Meanwhile, section 64(1) of the National Credit Code relates to notifying customers of interest rate changes in credit ...

Macquarie Securities slapped with $126k fine

KARREN VERGARA  |  TUESDAY, 18 MAY 2021
... ceased using ASXC for buy-back trading. According to ASIC, this is the first matter considered by the MDP under the new penalty regime that applies to conduct occurring after 13 March 2019, highlighting the "material uplift" in the penalty slapped on ...

ASIC bans Theta managing director

KARREN VERGARA  |  MONDAY, 17 MAY 2021
... of misconduct relating to Theta, the responsible entity of the Sterling Income Trust (SIT), which ASIC commenced civil penalty proceedings against in the Federal Court of Western Australia. SIT is a registered managed investment scheme that invested ...

Super funds slam budget's super gap measures

KANIKA SOOD  |  WEDNESDAY, 12 MAY 2021
Superannuation funds welcomed the budget's move to dump the $450 threshold, but called out a lack of measures to close the super gap. Last night's budget included five key decisions on superannuation. These were abolishing the $450 per month ...

Retirees freed from legacy products

ANNABELLE DICKSON  |  TUESDAY, 11 MAY 2021
... locked into legacy retirement products will now have the chance to transfer into newer, more flexible products without penalty under a new measure. The government is introducing a two-year amnesty for individuals in market-linked, life-expectancy, lifetime ...

Former Westpac chief executive in new role

KANIKA SOOD  |  TUESDAY, 11 MAY 2021
... Anti Money Laundering and Counter Terrorism Act 2006 on over 23 million occasions. Westpac eventually paid a $1.3 billion penalty, representing the largest civil penalty ever in Australian history. Hartzer has since penned a book on leadership, which ...