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Showing 521 - 530 of 668 results for "Penalty"

ASIC report highlights insufficient penalties

LAURA MILLAN  |  MONDAY, 2 FEB 2015
... Australian Securities and Investments Commission (ASIC) latest enforcement report. ASIC quotes the record $1.2 million civil penalty imposed on Newcrest Mining for contravening its disclosure obligations. However, it quotes Justice Middleton's remarks ...

Financial System Inquiry recommendations wrap

STAFF WRITER  |  SUNDAY, 7 DEC 2014
... the board of corporate trustees of public offer superannuation funds, including an independent chair; align the director penalty regime with managed investment schemes; and strengthen the conflict of interest requirements. Strengthen product issuer and ...

SMSF court case highlights penalty uncertainties

LAURA MILLAN  |  WEDNESDAY, 3 DEC 2014
... reports were lodged between 2008 and 2011, but the fund was not declared non-complying at any point. The court ruled a penalty of $40,000 for both trustees, although the maximum penalty was $220,000 per contravention. DBA Lawyers noted that the agreed ...

Brisbane adviser pleads guilty to $9 million fraud

LAURA MILLAN  |  FRIDAY, 28 NOV 2014
... Quoc Tu was permanently banned from financial services in July 2014 and the charges he now faces could carry a maximum penalty of up to 12 years in jail. Tu is charged with 33 counts of fraud and 21 counts of fraudulent falsification of records. An employee ...

Independent dealer groups eye Genesys practices

LAURA MILLAN  |  TUESDAY, 25 NOV 2014
... can check out of a licensee arrangement anytime they like, but can never leave without suffering a significant financial penalty - a penalty too severe for most of them to survive," Synchron director Don Trapnell said. Trapnell told Financial Standard ...

ASIC begins legal action against LM Investment Management

MARK SMITH  |  THURSDAY, 20 NOV 2014
... seeking financial penalties and banning orders following the collapse of the Gold Coast-based fund manager. The civil penalty proceedings in the Federal Court of Australia are against Drake, Francene Maree Mulder, Eghard van der Hoven, Simon Jeremy Tickner ...

Tax cap reform bill released

ALEX DUNNIN  |  TUESDAY, 14 OCT 2014
... that addresses inadvertent breaches of the contribution caps where the error would result in a disproportionate [tax] penalty." In the EM, Treasury notes that the amendments will allow individuals to make an irrevocable choice to release from superannuation ...

US insurance agency fined US$200,000

ALEX DUNNIN  |  THURSDAY, 2 OCT 2014
... million in financial relief to consumers harmed by illegal billing practices in addition to imposing a US$5 million civil penalty payable to the CFPB and a US$4 million penalty to the Office of the Comptroller of the Currency (OCC). In its latest action ...

Misleading PDS costs NAB $10,200

LAURA MILLAN  |  WEDNESDAY, 1 OCT 2014
... potentially misleading statements in a product disclosure statement (PDS) has seen National Australia Bank (NAB) get a $10,200 penalty from the Australian Securities and Investments Commission (ASIC). The regulator was concerned that the PDS for the ...

Westpac fined over misleading statements on annuity product

LAURA MILLAN  |  WEDNESDAY, 17 SEP 2014
Westpac has had to pay a $20,400 penalty for potentially misleading statements on its Westpac Annuity Deposit. The bank has paid the penalty after the Australian Securities and Investments Commission issued two infringement notices regarding the product ...