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Showing 301 - 310 of 688 results for "Penalty"

BTFM, Asgard Capital fined $3m

KARREN VERGARA  |  MONDAY, 26 JUL 2021
... ensuring that those systems work, and that they promptly identify occasions where they do not", he said. "An appropriate penalty should have the effect of deterring the defendants, and financial services providers generally, from maintaining defective ...

ASIC consults on anti-hawking rules

KANIKA SOOD  |  THURSDAY, 22 JUL 2021
... January 2020. This followed enforcement action against firms such as CommInsure and ClearView. In 2019 it won a $700,000 penalty against CommInsure, after the firm plead guilty to 87 counts of unlawful life insurance hawking. In February 2018, an ASIC ...

ASIC prepares licensees for reference checks

KARREN VERGARA  |  WEDNESDAY, 21 JUL 2021
... ensure that their representatives comply with financial services laws or credit legislation," the regulator said. A civil penalty applies for non-compliance. ASIC can also take administrative action if parties do not comply with the new protocol, which ...

Dixon Advisory to pay $8.2m to settle ASIC action

KANIKA SOOD  |  FRIDAY, 9 JUL 2021
... million and declaration of 53 contraventions. Dixon Advisory and Superannuation Services (DASS) will pay $7.2 million in penalty and $1 million to cover ASIC's costs. The penalty follows from court-ordered mediation between DASS and ASIC. Both parties ...

Robinhood hit with record-breaking fine

KARREN VERGARA  |  THURSDAY, 1 JUL 2021
Trading platform Robinhood has been slapped with a US$70 million fine, deemed to be the largest financial penalty handed down by the Financial Industry Regulatory Authority (FINRA). FINRA, which regulates brokerages and exchanges, said millions of Robinhood ...

ASIC consults on market integrity rules

ANNABELLE DICKSON  |  THURSDAY, 1 JUL 2021
... authorisations. Lastly, it recommends making adjustments to ASIC-made rules generally, covering merits review, waivers and penalty amounts for breaches of the rules. "The consultation will assist ASIC to form its final position on the various rules sought ...

Better Advice regulations hit parliament

KARREN VERGARA  |  FRIDAY, 25 JUN 2021
... cancellation of registrations. It can issue an infringement notice or recommend that ASIC apply to the court for a civil penalty. The current regulations are limited to banning advisers. The new law will create additional penalties and sanctions for ...

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 ...