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Showing 511 - 520 of 816 results for "Corporations Act"

ASIC issues first "best interests" duty penalty

ALEX BURKE  |  THURSDAY, 9 JUN 2016
... Regular performance reviews of advisers were not undertaken, and advisers who breached their obligations under the Corporations Act were not discliplined. There were also eight specific occasions, ASIC said, where clients took out life insurance policies ...

Lack of resources impacting ASIC

KERRIE SYDEE  |  WEDNESDAY, 1 JUN 2016
... not satisfactorily demonstrating that the applicant would keep to its licence obligations under s912A of the Corporations Act. ASIC believes that the number of applications refused would have been much higher if "applicants did not voluntarily withdraw ...

ASIC consulting over managed investment schemes

DARREN SNYDER  |  WEDNESDAY, 1 JUN 2016
... expire in 2017 and ASIC believes it no longer serves a regulatory purpose in light of other provisions of the Corporations Act 2001.

CPA granted AFSL

KERRIE SYDEE  |  MONDAY, 18 APR 2016
... "Independence is at the heart of CPA Australia Advice. Our operations will be consistent with Section 923A of the Corporations Act 2001 which allows us to use terms like 'independent', 'impartial' and 'unbiased' when referencing our services. "We'll ...

ASIC commences proceedings against Westpac

ALEX BURKE  |  WEDNESDAY, 6 APR 2016
... of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act), s.912A(1), s.1041A of the Corporations Act 2001 (Cth) (Corporations Act)." In addition, ASIC will seek "pecuniary penalties" against the bank, including the establishment ...

ASIC calls out weak conflict policy in vertical business

ALEX BURKE  |  WEDNESDAY, 23 MAR 2016
... consider that a failure to identify and manage conflicts of interest may lead to significant breaches of the Corporations Act and fiduciary duties, and result in reputational and financial damage."

ASIC tightens Macquarie's AFSL

ALEX BURKE  |  FRIDAY, 11 MAR 2016
... Macquarie breach reports between 2004 and 2014 pertaining to "breaches of the client money provisions of the Corporations Act." These breaches included failing to deposit client money into a designated trust account and making unauthorised withdrawals ...

Tax incentives for early stage investors too narrow: KPMG

DARREN SNYDER  |  FRIDAY, 4 MAR 2016
... concern with the proposed limitation of concessions to so-called 'sophisticated investors' as defined in the Corporations Act 2001. KPMG said this limitation, which is defined as those earning more than $250,000 per annum or having a net worth of more ...

ASIC cracks down on "independent" AFSLs

ALEX BURKE  |  THURSDAY, 3 MAR 2016
... raised concerns about the language being used to promote their services. Specifically, ASIC said that under the Corporations Act, a business can only describe a financial service as "independent" if no commissions, volume-based payments or "other gifts ...

ACE forced to pay $1m for poor Combined sales culture

MARK SMITH  |  FRIDAY, 26 FEB 2016
... failure to ensure consumers were given appropriate advice. ACE admitted that there had been contraventions of the Corporations Act and ASIC Act, including a requirement to take reasonable steps to ensure representatives complied with the best interests ...