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Showing 461 - 470 of 688 results for "Penalty"

ASIC commences civil action against ANZ

KARREN VERGARA  |  MONDAY, 17 SEP 2018
ASIC has commenced civil penalty proceedings against ANZ for its involvement in an alleged criminal cartel relating to a $2.5 billion institutional share placement in August 2015. ASIC alleged ANZ failed to notify the ASX that $791 million of the $2.5 ...

MLC, NULIS in court over $100m in illegitimate fees

JAMIE WILLIAMSON  |  THURSDAY, 6 SEP 2018
... - misled members of MLC MasterKey Super products, with the regulator seeking declarations of contravention and a civil penalty. ASIC also claims NULIS and MLC Nominees charged 220,000 members of MLC MasterKey Business and MLC MasterKey Personal Super ...

Royal Commission challenges super regulators

KARREN VERGARA  |  TUESDAY, 28 AUG 2018
... respect for the regulator and authority on the part of ASIC. Hodge also questioned why ASIC hasn't commenced civil penalty proceedings against NAB. Hodge said ASIC fell short in dealing with ANZ and CBA in relation to offering superannuation products ...

ASIC defends enforceable undertakings at Royal Commission

KANIKA SOOD  |  FRIDAY, 17 AUG 2018
... Kenneth Hayne asked earlier in the session, alluding to ASIC's negotiation of the EU contract. Why not try for a civil penalty? That's a question Hodge asked of Mullaly in CBA's context. "We had not obtained advice on that. Our view was that ...

CBA readies wealth demerger, records $9.2bn cash profit

DARREN SNYDER  |  WEDNESDAY, 8 AUG 2018
... billion. CBA said its FY18 profit is down 4.8% on the previous year, hindered by items such as the $700 million AUSTRAC penalty, the removal of ATM withdrawal fees and the major bank levy. CBA chief executive Matt Comyn acknowledged a challenging year ...

CBA should have done more: Federal Court

HARRISON WORLEY  |  WEDNESDAY, 11 JUL 2018
The Federal Court judge who slapped the Commonwealth Bank with a $5 million pecuniary penalty over its role in setting the bank bill swap rate said the bank should have better supervised its staff. Justice Beach of the Federal Court delivered the assessment ...

IMF Bentham eyes potential Facebook, Cambridge Analytica goldmine

JAMIE WILLIAMSON  |  WEDNESDAY, 11 JUL 2018
... Bentham highlighted that compensation for affected Facebook users may not result if the Commissioner opts to enforce a civil penalty against one or more of the entities named in the complaint. As such, IMF Bentham has confirmed it will consider the viability ...

ASIC takes civil action against AMP

HARRISON WORLEY  |  WEDNESDAY, 27 JUN 2018
... reasonable steps to deal with the conduct contravening Section 961L of the Act. Breaching this provision could incur civil penalty provision of $1 million per contravention, ASIC said. ASIC also alleges AMPFP breached sections 912A(1)(a), (c) and (ca) ...

ASIC drags Westpac to court

KANIKA SOOD  |  MONDAY, 18 JUN 2018
ASIC has initiated civil penalty proceedings against Westpac in relation to a Perth financial planner whose poor advice has already seen the bank foot a $12 million bill to remediate clients. Sudhir Sinha provided financial advice in the Perth area ...

CBA settles with AUSTRAC for $700m

JAMIE WILLIAMSON  |  MONDAY, 4 JUN 2018
... double what it anticipated. CBA has announced it reached an agreement with AUSTRAC that will see the bank pay a civil penalty of $700 million as well as cover AUSTRAC's legal fees which amount to $2.5 million. If the penalty is agreed to by the Federal ...