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Showing 391 - 400 of 661 results for "Penalty"

Westpac faces 23 million breaches

ELIZA BAVIN  |  WEDNESDAY, 20 NOV 2019
... breaches of anti-money laundering laws and counter terrorism laws. AUSTRAC has applied to the Federal Court seeking civil penalty orders against Westpac relating to "systematic" non-compliance with the Anti Money Laundering and Counter Terrorism Act ...

Defined contribution: A global perspective

HARRISON WORLEY  |  THURSDAY, 14 NOV 2019
... many jobs during their career. Each time, they have the opportunity to take their money out. It's taxed and there's a penalty, but still they do it. And that creates a problem with them amassing money that's sufficient for retirement," Lucas said. Lucas ...

NAB faces half a billion in fines

ELIZA BAVIN  |  WEDNESDAY, 13 NOV 2019
... its customers were exposed to risk of taking out unsuitable loans as a result of its conduct. Under the law, the maximum penalty for each individual breach is between $1.7 million to $1.8 million, adding up to close to $500 million combined. During the ...

ASIC wins appeal against Westpac companies

KANIKA SOOD  |  MONDAY, 28 OCT 2019
... companies only had the licence to provide general advice and not personal advice. And so, it initially launched civil penalty proceedings against the two Westpac subsidiaries in December, 2016. The Federal Court handed down its judgment in January this ...

Westpac takes $1 billion profit hit

ELIZA BAVIN  |  THURSDAY, 24 OCT 2019
... in relation to these matters," the bank said in its release. "Any enforcement action against Westpac may include civil penalty proceedings and result in the payment of a significant financial penalty, which Westpac is currently unable to reliably estimate." ...

CommInsure charged over hawking

HARRISON WORLEY  |  FRIDAY, 4 OCT 2019
... hawking exceptions in section 992A(3) of the Corporations Act on the part of CommInsure. Each charges carries a maximum penalty of $21,250, meaning CBA could face up to $1,848,750 in penalties if found guilty for all counts. In a statement to the ASX ...

UK insurer fined for annuity sales failings

ELIZA BAVIN  |  TUESDAY, 1 OCT 2019
... serious breaches that caused harm to those customers. Prudential is now rightly focused on redress and today's financial penalty reinforces the cardinal obligation of fairness that firms owe to customers." Prudential apologised to customers and said ...

Publisher slammed for Future Fund claim

HARRISON WORLEY  |  MONDAY, 2 SEP 2019
... fine by the Federal Court. Online publishing company Port Phillip Publishing (PPP) has been ordered to pay a $600,000 penalty by the Federal Court after it found the company made misleading and deceptive statements that consumers could mimic the performance ...

Treasurer moves on broker remuneration

ELIZABETH MCARTHUR  |  TUESDAY, 27 AUG 2019
... be required to act in the best interests of the consumer and that any breach of that duty should be subject to a civil penalty. The latest announcement comes after the Morrison Government released its roadmap for implementing Commissioner Hayne's recommendations. ...

Pension fund joins action against Facebook

KRISTI CHENG  |  FRIDAY, 23 AUG 2019
... Louis and retail investor Karen Sbriglio. On 24 July 2019, the FTC announced that Facebook agreed to pay a $5 billion penalty and establish a board-level privacy committee as well as a board nominating committee, but no individuals were held personally ...