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Showing 361 - 370 of 1678 results for "Breach"

ASIC takes civil action against Firstmac

CASSANDRA BALDINI  |  FRIDAY, 16 DEC 2022
ASIC has commenced the first ever court case against a financial product distributor for alleged breaches of design and distribution obligations (DDO). The regulator commenced the civil penalty action in the Federal Court against Firstmac Limited following ...

Adviser imprisoned for super fraud

CHLOE WALKER  |  THURSDAY, 15 DEC 2022
... Justice Levy said that Goel's conduct involved "deliberate and calculated acts of deceit"and constituted "a significant breach of trust." Goel had earlier pleaded guilty to two charges of dishonest conduct, and his pleas were taken into account by the ...

ASIC proceedings name Pendal board member

ANDREW MCKEAN  |  TUESDAY, 13 DEC 2022
... about critical risks despite being provided with information about money laundering risks. The regulator said this was a breach of their director duty obligations. Commenting on the matter, ASIC chair Joe Longo said the role of directors was critical ...

Former Statewide Super executives charged

ANDREW MCKEAN  |  MONDAY, 12 DEC 2022
... The Federal Court imposed a $3.5 million penalty for the misleading correspondence and $500,000 for failing to report the breach to ASIC.

Life insurer claims under regulator watch

CHLOE WALKER  |  MONDAY, 12 DEC 2022
... incorrect applications of consumer price indexations (CPI)'s to life insurance policy benefits. Already, ASIC has received breach reports from seven life insurers for the miscalculation of life insurance benefits, which resulted in affected customers ...

OnePath Life sued over utmost good faith duties breach

JAMIE WILLIAMSON  |  THURSDAY, 8 DEC 2022
OnePath Life will face ASIC in Federal Court over failures while handling a mental health claim. In 2016 a customer took out an income protection policy with OnePath Life through an ANZ financial adviser based in Grafton, New South Wales. OnePath Life ...

ASIC launches civil action against American Express

CASSANDRA BALDINI  |  TUESDAY, 6 DEC 2022
ASIC has commenced the first ever court case in relation to alleged breaches of design and distribution obligations (DDO). The case concerns two credit cards issued by American Express (Amex) that were co-branded with retailer David Jones (the credit ...

Crescent Wealth responds to PDS error criticism

ANDREW MCKEAN  |  THURSDAY, 1 DEC 2022
... discovery of a disclosure issue related to indirect cost ratios over several financial reporting periods, resulting in a breach of regulatory standards. After several days of silence, Crescent Wealth maintained that the significant event notice didn't ...

ASIC case against Commonwealth Bank dismissed

CASSANDRA BALDINI  |  WEDNESDAY, 30 NOV 2022
The Federal Court has dismissed proceedings brought by ASIC against the Commonwealth Bank of Australia (CBA) over fees. The court dropped allegations that the bank engaged in misleading or deceptive conduct, made false or misleading representations ...

SMSF auditors in hot water

CHLOE WALKER  |  WEDNESDAY, 30 NOV 2022
ASIC has acted against six self-managed superannuation fund (SMSF) auditors for breaches of independence requirements and auditing standards. Between June 29 to September 30, ASIC disqualified three SMSF auditors from being registered, imposed additional ...