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Showing 321 - 330 of 1678 results for "Breach"

Fraudulent property director charged

CHLOE WALKER  |  TUESDAY, 6 JUN 2023
Michael David Steele has been charged with seven counts of fraud after he misled 14 investors into using their superannuation and other savings to invest a property development. Following an investigation, ASIC is alleging that between May 2016 and ...

TPB grilled over handling of PwC scandal

JAMIE WILLIAMSON  |  THURSDAY, 1 JUN 2023
... they might do in future, Pocock questioned whether the TPB has formally considered whether the misconduct constitutes a breach of legislative requirements. "We haven't considered that, no... We went through the process of investigating the referral from ...

Spirit Super rectifies regulatory breach

ANDREW MCKEAN  |  TUESDAY, 30 MAY 2023
... acknowledged that it had inadvertently omitted some fees and costs from its product disclosure statement (PDS), resulting in a breach of RG97 legislation. This law mandates that funds disclose the amounts deducted from reserves that form part of administration ...

No regrets: Hayne reflects on Royal Commission

KARREN VERGARA  |  TUESDAY, 30 MAY 2023
Nearly six years since the landmark Royal Commission, former High Court justice Kenneth Hayne stands by his recommendations that upended the banking and financial services sectors. Making a rare appearance at the International Congress of Actuaries ...

More PwC staff to go, will remain anonymous

CASSANDRA BALDINI  |  TUESDAY, 30 MAY 2023
PwC acting chief executive Kristin Subbins confirmed the embattled firm will stand down more senior staff while tax breach investigations continue, however their names will not be revealed. In an open letter, Stubbins apologised for the firm sharing ...

AFCA outlines systemic issues in wealth management

ANDREW MCKEAN  |  TUESDAY, 23 MAY 2023
... maintaining an account balance of at least $6000 or submitting a form electing to continue their coverage. "This was in breach of its obligation to provide an opt-in opportunity to members before cancelling default insurance cover," AFCA said. However ...

Regulation, funding inhibits digital advice: Report

KARREN VERGARA  |  MONDAY, 22 MAY 2023
Several key risks are inhibiting digital advice providers from operating with confidence, a new report finds, one of which is the red tape that is preventing them from moving successfully forward. AMP's Digital financial advice market scan, together ...

Poor policy administration sees MLC Life pay $22m

JAMIE WILLIAMSON  |  FRIDAY, 19 MAY 2023
MLC Life will pay $10 million, in addition to $12 million in remediation, for failing to pay promised rehabilitation benefits. The life insurer was penalised by the Federal Court after it was found guilty of several breaches of the ASIC Act, the Corporations ...

AMP fined $24m for charging deceased customers

KARREN VERGARA  |  FRIDAY, 19 MAY 2023
... no longer charged. These systems were inadequate, and customers were let down. This misconduct represents a fundamental breach of trust between a customer and their financial services provider." AMP remediated over $5 million to the estates or representatives ...

Super fund blunder likely down to bad data: Podcast

CASSANDRA BALDINI  |  THURSDAY, 18 MAY 2023
Holding Redlich partner Luke Hooper says when it comes to AustralianSuper's recent intra-fund consolidation breach, it's likely the root cause lays in data entry. The recent case of AustralianSuper refunding 100,000 members it had held multiple ...