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Showing 441 - 450 of 688 results for "Penalty"

APRA flexes new muscles

HARRISON WORLEY  |  WEDNESDAY, 22 MAY 2019
... entities to implement and maintain an Office of the Superannuation Trustee (OST) within the group or risk facing a financial penalty. The move comes after IOOF breached a license condition imposed by the prudential regulator in December, when it failed ...

Industry fund fined over independent advice claims

KARREN VERGARA  |  THURSDAY, 9 MAY 2019
... has been forced to remove "independent" from its financial advice messaging and consequently slapped with a financial penalty issued by the corporate regulator. ASIC alleged Hostplus provided misleading claims to consumers about offering "independent ...

APRA to boost staff numbers

HARRISON WORLEY  |  FRIDAY, 12 APR 2019
... the prudential regulator by Commissioner Kenneth Hayne would continue to be assessed, but do not carry civil or criminal penalty provisions directly. "We continue to gather evidence on each of the possible enforcement matters referred to APRA, and expect ...

Government bans superannuation funds treating employers

KARREN VERGARA  |  WEDNESDAY, 10 APR 2019
... Superannuation funds that fail to comply with the new provisions face civil or criminal penalties. In the event of a civil penalty contravention, ASIC can apply for a court order. If the court finds that a trustee has contravened civil penalty provisions ...

APRA receives new super powers

KARREN VERGARA  |  FRIDAY, 5 APR 2019
... Senate to this Schedule that were tabled by the Opposition allow for a Court to fine the trustee or director up to 2,400 penalty units," it read. A serious breach of directors' duties (such as intentional or fraudulent contraventions) may constitute ...

Rejuvenated APRA asserts authority

KARREN VERGARA  |  THURSDAY, 14 MAR 2019
... Accountability and Member Outcomes in Superannuation Measures No. 1) Bill 2019, which gives APRA greater power to take civil penalty action against trustees for breaching their obligations to members, has not yet passed Parliament. It was introduced ...

Superannuation to face BEAR: Hayne

KARREN VERGARA  |  TUESDAY, 5 FEB 2019
... accountability obligations, namely consumer protection and market conduct matters. APRA would be responsible for initiating civil penalty proceedings. "It would be prudent to enable both ASIC and APRA to seek disqualification of accountable persons if ...

Hayne targets superannuation employer connections

KARREN VERGARA  |  MONDAY, 4 FEB 2019
... 68A does not go far enough in preventing "treating" employers and called for the Act to be amended to include a civil penalty provision in the event of a breach - which is to be enforceable by ASIC. Stop deducting advice fees from MySuper accounts Hayne ...

Hayne recommends new regulatory overseer

HARRISON WORLEY  |  MONDAY, 4 FEB 2019
... consumers, and added ASIC should be given power to enforce all provisions in the SIS Act which are or will become civil penalty provisions.

Ponzi scheme fined $1.4bn

KANIKA SOOD  |  WEDNESDAY, 30 JAN 2019
... its 281 related companies to pay US$892 million in disgorgement. It also ordered Shapiro to pay a US$100 million civil penalty and to disgorge US$18.5 million in ill-gotten gains, plus US$2.1 million in prejudgment interest. Shapiro has not admitted ...