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Showing 471 - 480 of 1678 results for "Breach"

Retail fund tops MySuper tables for FY21

KANIKA SOOD  |  MONDAY, 2 AUG 2021
... and seven-year horizons. Essential Super is currently in court, with ASIC alleging CBA used conflicted remuneration in breach of Corporations Act to distribute the fund to 390,000 customers. CBA denied the allegation in a March 11 case management hearing. ...

RI Advice failed oversight obligations: Court

KARREN VERGARA  |  MONDAY, 2 AUG 2021
The Federal Court found that RI Advice Group's failure to provide rigorous oversight over a former financial adviser resulted in bad advice to consumer detriment. The court said the licensee failed to take reasonable steps to ensure that its former ...

New AIA advice unit names chief executive

KARREN VERGARA  |  FRIDAY, 30 JUL 2021
AIA Australia's newly launched advice business has named a chief executive to lead its efforts, as the life insurer brings some Commonwealth Financial Planning advisers into the fold. The life insurer has set up AIA Financial Wellbeing, led by Pina ...

BTFM, Asgard Capital fined $3m

KARREN VERGARA  |  MONDAY, 26 JUL 2021
The Federal Court will force BT Funds Management and Asgard Capital Management to pay $1.5 million each for charging fees for no service and making misleading statements. Between September 2014 and August 2017, the court found that the companies harmed ...

Fintechs settle legal stoush

KARREN VERGARA  |  FRIDAY, 23 JUL 2021
Astute Wealth Advice and Lumiant have reached an agreement to settle an alleged copyright breach. According to AstuteWheel managing director Hans Egger, Lumiant has agreed to a number of actions set out in the Cease and Desist letter sent earlier this ...

No charges in AMP BOLR investigation

JAMIE WILLIAMSON  |  FRIDAY, 16 JUL 2021
... investigation related to suspected criminal conduct regarding the charging of fees for no service in relation to the BOLR Policy in breach of section 1041G (prohibition on dishonest conduct) of the Corporations Act. AMP Financial Planning was also investigated ...

Astute Wealth alleges copyright breach

KARREN VERGARA  |  TUESDAY, 13 JUL 2021
Astute Wealth Advice is alleging that another fintech has ripped off its proprietary questionnaire and has been forced to legal take action. Astute served a Cease and Desist letter to Lumiant, alleging that it breached "substantial copyright" with respect ...

Funds grilled despite record returns

ELIZABETH MCARTHUR  |  THURSDAY, 8 JUL 2021
... opt-out of a subscription to The New Daily and each said their fund had sought legal advice to ensure the fund was not in breach of the Spam Act. The New Daily is owned by Industry Super Holdings. Wilson asked Silk whether investing in The New Daily ...

AFA slams new SOA measures

KARREN VERGARA  |  WEDNESDAY, 7 JUL 2021
... client and their adviser and contains personal information that should not be shared with trustees. He fears the review may breach the Privacy Act and adds another layer of administration. For the regulators to make trustees review client SOAs is "confusing ...

Robinhood hit with record-breaking fine

KARREN VERGARA  |  THURSDAY, 1 JUL 2021
... "option account approval bots" to approve customers for options trading but provided very limited oversight. The third breach saw several technical outages that the platform failed to address. The most serious outage occurred between 2-3 March 2020 ...