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Showing 31 - 40 of 499 results for harm

Platform fees, poor resourcing a red flag for regulator

JAMIE WILLIAMSON  |  TUESDAY, 3 OCT 2023
The chief executives of major platform operators in the UK have received letters from the regulator, flagging concerns around poor disclosure of fees and under-investment in technology. In the letter, the Financial Conduct Authority's director of consumer ...

ASIC fines fintech for misrepresenting crypto product

CASSANDRA BALDINI  |  WEDNESDAY, 27 SEP 2023
... continue to take enforcement action regarding the allegedly misleading promotion of crypto asset based products that could harm consumers," she said. "Crypto assets can be highly volatile, inherently risky and complex, making it essential that investors ...

NAB to pay $2.1m for knowingly overcharging customers

JAMIE WILLIAMSON  |  FRIDAY, 22 SEP 2023
... "Such moral dereliction would seem to reflect an inherent sense of entitlement, possibly precipitated by a view that no real harm would come to the bank even if its conduct was detected. It is, perhaps, also a product of a corporate culture that places ...

Pacific Current Group buys into fund manager

CHLOE WALKER  |  WEDNESDAY, 20 SEP 2023
Pacific Current Group (PAC) has purchased a stake in LA-based private credit and structured equity investment management firm Avante Capital Partners (Avante). The 24.9% equity interest in Avante cost PAC about $61 million, with $23 million to be paid ...

Boards must crack down on cybersecurity: ASIC

CASSANDRA BALDINI  |  TUESDAY, 19 SEP 2023
... boards. "If boards do not give cybersecurity and cyber resilience sufficient priority, this creates a foreseeable risk of harm to the company and thereby exposes the directors to potential enforcement action by ASIC based on the directors not acting ...

Financial advice firms profits jumps: Research

CASSANDRA BALDINI  |  WEDNESDAY, 6 SEP 2023
New data suggests that 38% of financial advisers are reporting higher practice profitability. According to Investment Trends' 2023 Adviser Business Model Report, the number of advisers has decreased, but on average those who are left, are servicing ...

Financial hardship neglect lands Westpac in court

KARREN VERGARA  |  TUESDAY, 5 SEP 2023
... this action to highlight the importance of lenders responding to hardship notices within the required timeframe to reduce harm to their customers. Westpac's failures to respond to these notices compounded their customers' difficult financial circumstances." ...

ASIC sues debt management firm, director

CHLOE WALKER  |  THURSDAY, 10 AUG 2023
... Pty Ltd (Bakken), an operator of the debt management business Solve My Debt Now, following concerns of substantial consumer harm. It has also taken legal action against Bakken's director and co-owner Merrilyn Mansfield. ASIC has alleged that between ...

ASIC looking to send message with eToro action

CASSANDRA BALDINI  |  WEDNESDAY, 9 AUG 2023
... enforcement priority. "We proactively looked for an appropriate case where we considered that investors were suffering significant harm. We were determined to bring proceedings given the harm we saw arising from the distribution of these products," she ...

Are indexes the next target for greenwashing investigations?

RACHEL ALEMBAKIS  |  TUESDAY, 8 AUG 2023
ASIC's latest action against Vanguard for allegations of greenwashing in a bond fund raises the question of whether the market regulator will crack down on index providers and other third-party service providers for greenwashing as well. Last month ...