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Showing 381 - 390 of 891 results for "Failing"

Investment manager criminally charged

ELIZA BAVIN  |  WEDNESDAY, 18 MAR 2020
... money obligations. Societe Generale Securities Australia (SGSA) is facing criminal charges in Sydney on two counts of failing to pay client money into segregated authorised bank accounts and two counts of two counts of failing to comply with requirements ...

AMP Life, AMP Capital fined

ELIZABETH MCARTHUR  |  TUESDAY, 17 MAR 2020
AMP Life and AMP Capital have paid hefty penalties following infringement notices issued by ASIC. AMP Life paid $275,500 and AMP Capital paid $250,500. "ASIC issued the infringement notices as it considers there are reasonable grounds to believe there ...

CBA in court over RC case studies

ELIZABETH MCARTHUR  |  MONDAY, 16 MAR 2020
... prior to making an assessment to increase his credit limit. It also alleges CBA breached sections 131(1) and 133(1) in failing to assess that the credit limit increase was unsuitable and in subsequently providing the credit limit increase. The Royal ...

Life insurers breach own code consistently

ELIZABETH MCARTHUR  |  WEDNESDAY, 11 MAR 2020
... upheld, but Maurice Blackburn remains of the view that all 700 were genuine. The LCCC also criticised the insurers for failing to respond and cooperate with the LCCC in a timely manner. "We look forward to hearing a proposal for compensation from each ...

Industry-made retirement models are self-serving: SCA

ELIZA BAVIN  |  MONDAY, 2 MAR 2020
Super Consumers Australia (SCA) has taken a stance against industry-created retirement models, saying Australians deserve realistic retirement income standards. In its submission to the Retirement Income Review (RIR) SCA said existing models pushed ...

Hollywood actor charged by SEC

ELIZA BAVIN  |  FRIDAY, 28 FEB 2020
The US Securities and Exchange Commission charged a prominent actor for failing to disclose payments he received for promoting an investment in a bitcoin offering. The SEC found Steven Seagal had not disclosed that he was promised $380,000 (US$250,000) ...

Queensland adviser barred from industry

ALLY SELBY  |  WEDNESDAY, 26 FEB 2020
... ASIC found there to be a conflict of interest, as Houwing was both the financial adviser and recipient of the loans, thus failing to "prioritise the interests of his clients over his own interests". It also found that he is "not of good fame or character" ...

Count Financial treads new path

JAMIE WILLIAMSON  |  THURSDAY, 20 FEB 2020
... relatively low fees to member firms, subsidising software costs and professional indemnity insurance. With Count Financial failing to turn a profit in recent years, CountPlus has removed some of these subsidies already and is now working with firms to ...

Franklin Templeton to acquire Legg Mason

JAMIE WILLIAMSON  |  WEDNESDAY, 19 FEB 2020
... and its board of directors violated federal securities laws and/or breached their fiduciary duties to shareholders by failing to obtain the best possible price for shareholders, determine whether Franklin Resources is underpaying for Legg Mason, and ...

FSC calls for CSLR claims cap

ALLY SELBY  |  FRIDAY, 14 FEB 2020
... result in an incredibly costly shortcut which won't address the underlying issues leading to financial advice licensees failing to meet their consumer compensation obligations." It recommended that data be collected to build this financial services ...