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Showing 421 - 430 of 1712 results for "Breach"

AMP cops $14.5m penalty over fees for no service

JAMIE WILLIAMSON  |  TUESDAY, 20 SEP 2022
Five AMP companies will pay $14.5 million for charging close to 1500 superannuation members fees for no service over the course of about three years. The Federal Court handed the fine to AMP Superannuation, AMP Financial Planning, Charter Financial ...

Consultation opens on crypto regulation bill

ANDREW MCKEAN  |  MONDAY, 19 SEP 2022
Liberal senator Andrew Bragg has released a draft bill for consultation that introduces licences for digital asset exchanges, custody services, stablecoin issuers, and instigates disclosure requirements for Chinese state-owned banks that facilitate ...

ASIC concerns see 18 funds update advertising materials

JAMIE WILLIAMSON  |  THURSDAY, 8 SEP 2022
ASIC surveillance of managed funds' marketing materials has found several instances of inadequate warnings or disclaimers related to performance and downplaying of risks, leading 13 providers to make amendments. To date, 13 responsible entities or trustees ...

BFID no hindrance to helping vulnerable members: Panel

CHLOE WALKER  |  WEDNESDAY, 7 SEP 2022
... super sector's most vulnerable members, with the Conference for Major Super Funds being told that doing so would be a breach of the best financial interest duty is a myth. AIST senior manager, policy David Haynes said super funds could and should ...

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 ...