Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 381 - 390 of 688 results for "Penalty"

AFSL pleads guilty to mishandling client money

KANIKA SOOD  |  THURSDAY, 7 MAY 2020
... client money account that were not permitted by reg 7.8.02 of the Corporations Regulations. Each offence carries a maximum penalty of 250 penalty units (approximately $45,000). "PSAL also admitted guilt to a third s993B(1) breach that took place on 21 ...

Westpac to review business units

JAMIE WILLIAMSON  |  MONDAY, 4 MAY 2020
... COVID-19 and other costs associated with the ongoing AUSTRAC matter, for which it has provisioned $900 million for a possible penalty. As a result, Westpac has decided to defer its interim dividend decision. The group told shareholders it was a difficult ...

Former ASIC lawyer joins private firm

ELIZA BAVIN  |  MONDAY, 20 APR 2020
... she was one of the senior managers responsible for running high-profile investigations and for launching related civil penalty proceedings. Tony Coburn, consultant and head of the Australian Banking Regulatory team at Herbert Smith Freehills, said Symons' ...

Pension pots around the world during COVID-19

KANIKA SOOD  |  THURSDAY, 16 APR 2020
... losses, or childcare are able to take up to US$100,000 from their accounts until December 31 without having to pay the 10% penalty usually applied for early withdrawals by people below 59.5 years of age. Adviser reaction in United States for the US$100,000 ...

Former Wallaby banned

ELIZABETH MCARTHUR  |  WEDNESDAY, 15 APR 2020
... capital raising, resulting in DirectMoney being admitted to the ASX on 13 July 2015. On 16 November 2017, Bell Potter paid a penalty of $358,000 to comply with an infringement notice given to it by the Markets Disciplinary Panel. The infringement notice ...

Investment manager criminally charged

ELIZA BAVIN  |  WEDNESDAY, 18 MAR 2020
... said. "Breaching client money provisions is serious misconduct and risks undermining investor confidence." The maximum penalty for each of the charges is around $45,000. SGSA provided financial services in equity derivative sales, prime services and ...

ASIC drags CFS to court over MySuper

ELIZABETH MCARTHUR  |  TUESDAY, 17 MAR 2020
... imposition of civil penalties under ss12DB and 12DF of the ASIC Act in relation to the communications. The amount of the penalty will be determined by the court. Commonwealth Bank said in a statement it had been informed by CFS that a civil penalty claim ...

CBA in court over RC case studies

ELIZABETH MCARTHUR  |  MONDAY, 16 MAR 2020
... could see he would be able to pay off the debts was to try and win some money, creating a spiral. ASIC has not said what penalty it is seeking in this case and a date has not been set for the hearing. In the AgriAdvantage case, ASIC contends that a total ...

Life insurers breach own code consistently

ELIZABETH MCARTHUR  |  WEDNESDAY, 11 MAR 2020
... delays in the processing of consumers' claims, the insurers should take immediate action to pay compensation, including penalty interest." The LCCC identified systematic issues which caused the delays in claims processing at insurers. About 315 of the ...

Helping everyone helps women

ELIZABETH MCARTHUR  |  THURSDAY, 5 MAR 2020
... policy, 95% of new fathers took more than two weeks off. The report's authors noted that motherhood typically brings a wage penalty and reduces workplace equality. "These issues are not just a problem for women, they are a problem for society and the ...