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Showing 381 - 390 of 663 results for "Penalty"

ASIC drags NAB to court for fees-for-no-service

HARRISON WORLEY  |  TUESDAY, 17 DEC 2019
ASIC has launched civil penalty proceedings against NAB in the Federal Court over fees-for-no-service, which the bank continued to charge after the Royal Commission. The corporate regulator is seeking to find NAB made several thousand contraventions ...

Former Goldman Sachs exec charged over $62m bribery

ELIZABETH MCARTHUR  |  TUESDAY, 17 DEC 2019
... of the federal securities laws and agreed to be permanently barred from the securities industry. He will have to pay a penalty of $62 million (US$43.7 million), which has been partially offset by amounts already paid in relation to parallel criminal ...

ASIC takes action against TAL over RC case

HARRISON WORLEY  |  TUESDAY, 17 DEC 2019
... ASIC is seeking civil penalties for TAL's alleged breach of section 12DB of the ASIC Act - which attracts a maximum penalty of 10,000 penalty units or $1.7 million. This is in addition to "declarations" in relation to section 12DA of the act, section ...

Pershing Securities breaches client money obligations

ALLY SELBY  |  WEDNESDAY, 11 DEC 2019
... and one count of failing to comply with requirements relating to a client money account. Pershing could face a maximum penalty of $135,000. ASIC alleged that the company failed to comply with client money obligations between June 2016 and December 2018. ...

APRA slaps extra conditions on Avanteos

HARRISON WORLEY  |  WEDNESDAY, 11 DEC 2019
... ASIC's inquiries raise additional matters of prudential concern." In this instance, APRA is unable to wield its new civil penalty powers under the SIS Act because of the historic nature of the conduct. Avanteos self-reported its breaches to APRA ...

ASIC launches action against AFSL, director

ELIZA BAVIN  |  WEDNESDAY, 11 DEC 2019
... from retail investors pursuant to the alleged defective PDSs. Each of the alleged breaches carries a maximum possible penalty of $200,000.

Use 401k to pay student debts: US senator

ELIZABETH MCARTHUR  |  FRIDAY, 6 DEC 2019
... save more money for retirement. The HELPER Act will allow US citizens to take up to $5250 from a 401(K) or IRA, tax and penalty free, to pay off student loans or pay tuition costs. With student debt levels in the US at their highest, the plan would also ...

ASIC bans direct life cold calling

HARRISON WORLEY  |  WEDNESDAY, 4 DEC 2019
... insurers engaging in poor sales conduct, noting its successful court case against CommInsure which last week drew a $700,000 penalty after the firm plead guilty to 87 counts of unlawful life insurance hawking. In February 2018, an ASIC review of ClearView's ...

Planners heed SMSF risk warning

JAMIE WILLIAMSON  |  FRIDAY, 29 NOV 2019
... in whatever they choose to, that being one of the main reasons someone would have an SMSF... Still, it did outline the penalty for not meeting requirements," Dunn said. That penalty is $4200, applicable to every individual trustee within the SMSF, to ...

CommInsure cops $700k hawking fine

HARRISON WORLEY  |  THURSDAY, 28 NOV 2019
... Corporations Act. The firm made an early guilty plea to the charges earlier this month, which carried a maximum total penalty of $1,848,750. ASIC noted that if the conduct had occurred under the new penalty regime effective from March 2019, the maximum ...