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Showing 421 - 430 of 1678 results for "Breach"

Aware Super advice arm to pay $20m fine

CHLOE WALKER  |  FRIDAY, 18 FEB 2022
The industry super fund's financial advice subsidiary has been hit with a $20 million penalty for charging over 25,000 customers more than $50 million in fees for no service. Between 21 August 2014 and 30 June 2018, Aware Financial Services, formerly ...

Bell Financial Group in AUSTRAC probe

JAMIE WILLIAMSON  |  THURSDAY, 17 FEB 2022
Three of Bell Financial Group's subsidiaries are under scrutiny by AUSTRAC, with an audit ordered to assess compliance with financial crime laws. AUSTRAC has ordered that an external auditor be appointed to Bell Potter Securities, Bell Potter Capital ...

ASIC considering more action on Sterling collapse

KARREN VERGARA  |  MONDAY, 14 FEB 2022
Corporate regulator ASIC is being urged to take more action with respect to the collapse of the Sterling Income Trust. A senate committee that recently handed down its final report in its inquiry into the collapse of the Sterling Income Trust is urging ...

ASX chief steps down

KARREN VERGARA  |  FRIDAY, 11 FEB 2022
... to the November 2020 market outage. We are pleased that ASIC's investigation into the outage is closed and that no breach of ASX's licence conditions was found," Stevens said. ASX half-year results to December 2021 show modest gains in operating ...

Hostplus hits members with new fee

ELIZABETH MCARTHUR  |  THURSDAY, 10 FEB 2022
... trustee risks becoming insolvent if a penalty were to be imposed on it, or its directors (e.g., as a result of an inadvertent breach of Commonwealth legislation), and the trustee does not have sufficient capital to pay the penalty." Hostplus is just ...

PE Capital in liquidation

KARREN VERGARA  |  THURSDAY, 10 FEB 2022
PE Capital Funds Management is now in liquidation after the Federal Court found that it operated managed investment schemes without an AFSL and engaged in misleading and deceptive conduct. The court found that over $16 million was invested in the registered ...

RI Advice slapped with $6m penalty

KARREN VERGARA  |  FRIDAY, 4 FEB 2022
RI Advice was slapped with a $6 million penalty for failing to keep tabs on a representative who invested clients' money in risky and complex financial products. The Federal Court found that RI Advice failed to take the appropriate steps to ensure ...

JANA hires legal expert from industry fund

KARREN VERGARA  |  WEDNESDAY, 19 JAN 2022
Investment consulting firm JANA appointed a legal expert to lead its risk and compliance division. Lindy Hunt was hired as head of legal, risk and compliance last December, joining from Club Plus Super where she spent the last seven years of her career. ...

Federal Court imposes $4m penalty on industry fund

CHLOE WALKER  |  TUESDAY, 18 JAN 2022
... 2021, the Court imposed a $3.5 million penalty for the misleading correspondence and $500,000 for failing to report the breach to ASIC. In handing down the reasons for his decision yesterday in court, Justice Besanko noted that while Statewide's ...

Trading platform cops $110k fine

KARREN VERGARA  |  TUESDAY, 18 JAN 2022
A trading platform has copped a fine of $110,250 for breaching enquiry rules and compliance obligations. BGC Partners breached the ASX 24's trading rules on two occasions on 22 March 2019, according to the Markets Disciplinary Panel, by transacting ...