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Showing 391 - 400 of 1678 results for "Breach"

SMSFA calls for budget amendments

CASSANDRA BALDINI  |  WEDNESDAY, 7 SEP 2022
The SMSF Association is urging Canberra to address legacy pensions and extend the temporary absence rule for non-residents in its first budget. In the Associations submissions, chief executive John Maroney highlighted several key measures that remain ...

Insurers are 'fishing' for non-disclosures: ASIC

ANDREW MCKEAN  |  FRIDAY, 2 SEP 2022
... Corporations Act 2001. This includes the obligation to handle claims efficiently, honestly and fairly. Insurers may be in breach of the obligation to handle claims efficiently, honestly and fairly if they do not have a reasonable basis to test for non-disclosure ...

APRA removes Westpac liquidity add-on

CASSANDRA BALDINI  |  THURSDAY, 1 SEP 2022
APRA has removed Westpac's liquidity add-on after finding it breached prudential standards. The 10% add-on was applied to the net cash outflow component of Westpac's liquidity coverage ratio (LCR) and will no longer be included from today. In a statement ...

ASIC issues warning over brokers' high-risk offers

JAMIE WILLIAMSON  |  WEDNESDAY, 31 AUG 2022
... understand the potential risks." She added that brokers making such claims should carefully consider whether they are in breach of financial services laws. Finally, ASIC reminded licensees to ensure they effectively monitor and supervise any brokers ...

MobiSuper, licensee to pay $250k penalty

JAMIE WILLIAMSON  |  MONDAY, 29 AUG 2022
MobiSuper and its licensee will pay a $250,000 penalty for breaching superannuation advice laws while promoting the MobiSuper fund. MobiSuper and ZIB Financial will pay the combined penalty after the Federal Court found MobiSuper representatives had ...

ASIC highlights strategic priorities

CASSANDRA BALDINI  |  TUESDAY, 23 AUG 2022
... Other core strategic projects will be around scams, sustainable finance practices, crypto assets, design and distribution, breach reporting, cyber and operational resilience, Financial Accountability Regime (FAR) and digital technology and data. The ...

ASIC working to improve breach reporting regime

JAMIE WILLIAMSON  |  WEDNESDAY, 10 AUG 2022
ASIC has said it is focused on improving the breach reporting regime that came into effect last October, following concerns that it's not operating as intended. The regime, which applies to all AFSL and ACL holders, commenced in October 2021 and ...

Adviser banned over early release scheme

JAMIE WILLIAMSON  |  WEDNESDAY, 3 AUG 2022
... super. ASIC said Simeone's clients assumed what they were doing was legal and appropriate. Not only did it see them breach the restrictions on the early release of super, but it also resulted in their SMSFs not satisfying the Sole Purpose Test. "Mr ...

ASIC continues crack down on deceptive advertising

CHLOE WALKER  |  TUESDAY, 2 AUG 2022
The corporate regulator has issued stop orders against a commercial property investment firm for misrepresenting the performance risks of one of its funds, including marketing it as 'Covid proof'. An interim stop order was placed on Fawkner Property ...

Suncorp agrees to super class action settlement

JAMIE WILLIAMSON  |  TUESDAY, 26 JUL 2022
Suncorp is set to pay $33 million to settle a class action brought by superannuation members in 2019 over conflicted remuneration paid to financial advisers. The class action was brought by William Roberts Lawyers in June 2019 on behalf of Suncorp Super ...