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Showing 331 - 340 of 586 results for "CIV"

Hayne recommends new regulatory overseer

HARRISON WORLEY  |  MONDAY, 4 FEB 2019
The Royal Commission final report recommends the roles of ASIC and APRA be adjusted when it comes to superannuation oversight. A new independent body will also oversee the regulators. Releasing his final report into Misconduct in the Banking, Superannuation ...

Industry fund appoints chair

KANIKA SOOD  |  FRIDAY, 1 FEB 2019
A $2.5 billion industry fund has appointed a new chair as the incumbent retires after 19 years on the board. AvSuper has elected Ben Firkins to chair its board of trustees, starting February 1. He replaces George Fishlock who announced his retirement ...

Ponzi scheme fined $1.4bn

KANIKA SOOD  |  WEDNESDAY, 30 JAN 2019
A Ponzi scheme that allegedly duped 8400 retail investors in the US has been ordered to pay US$1 billion in penalties and disgorgement. Woodbridge Group of Companies LLC and its former owner and chief executive Robert H. Shapiro lured retail investors ...

MLC drops wrap and super admin fees

DARREN SNYDER  |  TUESDAY, 29 JAN 2019
MLC Wealth chief executive Geoff Lloyd is making his biggest call since joining the group five months ago, slashing wrap administration fees to run one of the cheapest platforms in Australia. Additionally, Lloyd is lowering administration fees for the ...

ASIC and Westpac court battle sees mixed outcome

DARREN SNYDER  |  FRIDAY, 4 JAN 2019
A landmark Federal Court judgment has provided greater clarity between general and personal financial advice, ruling in favour of Westpac's position. Yet the bank still managed to breach the Corporations Act. Judge Jacqueline Gleeson said ASIC failed ...

CBA stashes cash for compliance

DARREN SNYDER  |  WEDNESDAY, 12 DEC 2018
Commonwealth Bank will put aside an additional $350 million in 2019 to cover larger than expected costs for compliance and remediation programs as well as its separation from CommInsure Life. In an update to the ASX on Tuesday evening, CBA said its ...

Celebrities cop $1m crypto fine

JAMIE WILLIAMSON  |  MONDAY, 3 DEC 2018
Boxing giant Floyd Mayweather and music producer DJ Khaled have become the first people to be charged by the US Securities and Exchange Commission for the unlawful promotion of initial coin offerings. Floyd Mayweather and DJ Khaled - real name Khaled ...

Court fines stockbroker $350k

KARREN VERGARA  |  THURSDAY, 22 NOV 2018
The Federal Court has ordered a stockbroking firm to pay a $350,000 penalty for failing to comply with Market Integrity Rules. In early March 2011, State One Stockbroking placed 19 bids on behalf of a client when it should have reasonably suspected ...

Frydenberg splashes $50m to pursue financial services crime

HARRISON WORLEY  |  FRIDAY, 16 NOV 2018
The Federal Government is spending an additional $50 million to increase efforts in prosecuting financial misconduct. Treasurer Josh Frydenberg said an additional $51.5 million would be provided to the Commonwealth Director of Public Prosecutions (CDPP) ...

Global asset managers sign responsible firearms framework

DARREN SNYDER  |  THURSDAY, 15 NOV 2018
State Street Global Advisors and Nuveen are among the first signatories of a document designed to improve engagement with companies that manufacture, distribute, sell or regulate products within the civilian firearms industry. Thirteen institutional ...