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Showing 21 - 30 of 63 results for "enforceable undertakings"

CBA, ANZ told to clean up superannuation distribution

KANIKA SOOD  |  FRIDAY, 6 JUL 2018
... "personal" advice rather than "general" advice. Commonwealth Bank and ANZ have acknowledged they have entered enforceable undertakings from the corporate regulator. Both are paying $1.25 million towards community. ASIC investigated CBA's distribution ...

New Government body to advance financial literacy

JAMIE WILLIAMSON  |  MONDAY, 28 MAY 2018
... financial capability of women. The Government said further funds may be committed in the event of future enforceable undertakings by ASIC. O'Dwyer said the funds will be used to educate and empower Australian consumers of financial products and advice ...

RECAP: Advice in the Royal Commission spotlight (Days 6- 9)

KANIKA SOOD  |  FRIDAY, 27 APR 2018
... 27 April: It's a wrap ASIC sent an executive to testify on its practice of negotiating the outcomes of enforceable undertakings with financial advice licensees. At the SMSF Expo in Melbourne, SMSF Association chief executive John Maroney said: "I don't ...

ASIC grilled over negotiating with banks

ALEX BURKE  |  FRIDAY, 27 APR 2018
... line of questioning came about because of the community benefit payments made by CBA and ANZ following enforceable undertakings; both banks made payments of $3 million. Orr asked how ASIC determined, with the banks, that this was an appropriate figure. ...

Commonwealth Bank refunding millions in fees for no service

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... additional 13 advisers and 15 former CBA advisers have been the subject of ASIC banning orders and/or enforceable undertakings. As at the end of 2017, CBA has paid or offered to pay about $96 million in compensation to customers in relation to poor financial ...

AFA to launch investigation into adviser misconduct

JAMIE WILLIAMSON  |  FRIDAY, 22 DEC 2017
... Advisers has confirmed it will launch its own investigation into why three of its members entered into enforceable undertakings with ASIC in as many days. While AFA chief executive Phil Kewin said he would not discuss the circumstances of individual ...

ASIC needs tougher, direct powers: Taskforce

KARREN VERGARA  |  THURSDAY, 9 NOV 2017
... also involves significant time, resources and costs in investigating and preparing a case, together with enforceable undertakings, which must be agreed to by a licensee and are generally negotiated, the report noted. The Taskforce also raised concerns ...

Barclays fined following ASIC investigation

JAMIE WILLIAMSON  |  FRIDAY, 24 MAR 2017
ASIC accepted enforceable undertakings from three Barclays foreign financial service providers for failing to inform Australian clients they were exempt from holding an AFSL. The enforceable undertaking was accepted following concerns that the Barclays ...

ASIC spots forex breaches at ANZ and Westpac

ALEX BURKE  |  WEDNESDAY, 15 MAR 2017
ASIC has accepted enforceable undertakings from Westpac and ANZ following an investigation into the banks' wholesale foreign exchange businesses. The regulator found that between 2008 and 2013, Westpac and ANZ's systems and controls failed to address ...

Two of the big four in ASIC spotlight

ALEX BURKE  |  THURSDAY, 22 DEC 2016
ASIC accepted enforceable undertakings from National Australia Bank and Commonwealth Bank of Australia following an investigation by the corporate regulator. The undertakings relate to the banks' wholesale spot foreign exchange businesses. ASIC determined ...