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Showing 561 - 570 of 1678 results for "Breach"

Pension plan sued for expensive, active strategy

KARREN VERGARA  |  WEDNESDAY, 2 DEC 2020
US-based Fidelity Investments has been caught up in a class action that alleges a major pension plan exposed members to risky, expensive actively-managed investments instead of allocating to safer passive options. The complaint, filed against Coca-Cola ...

APRA takes action against Westpac

JAMIE WILLIAMSON  |  TUESDAY, 1 DEC 2020
The prudential regulator has launched action against Westpac over material breaches of liquidity standards. The breaches, which were identified during 2019 and 2020, relate to the incorrect treatment of specific funding and loan products for the purposes ...

Responsible entity fined $2m

ELIZA BAVIN  |  FRIDAY, 20 NOV 2020
A court has found Theta Asset Management and its managing director contravened the Corporations Act on multiple occasions in authorising the issues of five defective Product Disclosure Statements (PDSs). The court has ordered Theta to pay a penalty ...

RC recommendations closer to legislation

KARREN VERGARA  |  FRIDAY, 13 NOV 2020
A slew of regulation recommended by the Hayne Royal Commission to tighten the reigns in the superannuation industry will come into force with the introduction of a new bill. Introduced in Parliament on November 12, the Financial Sector Reform (Hayne ...

Westpac settles two class actions

KARREN VERGARA  |  FRIDAY, 30 OCT 2020
Westpac has agreed to settle two separate class actions relating to anti-money laundering breaches and rate rigging initiated in the US for undisclosed amounts. The bank settled the action filed by Rosen Law Firm relating to its failure to monitor financial ...

Evans and Partners looks to delist LITs

KANIKA SOOD  |  THURSDAY, 29 OCT 2020
Evans and Partners is seeking the nod from shareholders to convert its LITs to open-ended funds and to switch to Perpetual as responsible entity. The largest of these is the $279 million Evans & Partners Global Disruption Fund (EGD), followed by the ...

Federal Court freezes investment scam, winds up SMSF operator

ANNABELLE DICKSON  |  TUESDAY, 27 OCT 2020
The Federal Court has frozen the funds of a suspected investment scammer and ordered the winding up of two unlicensed financial services businesses, upon referral from the Australian Securities and Investments Commission (ASIC). The Federal Court has ...

360 Capital moves to acquire Evans Dixon

KARREN VERGARA  |  TUESDAY, 27 OCT 2020
ASX-listed firm 360 Capital Group is proposing to takeover Evans Dixon shortly after its founder and managing director joined the embattled firm. The firm announced it wants to acquire Evans Dixon (ED1) via an off-market takeover, taking its 19.55% ...

Westpac hit with $1.2bn of losses

KARREN VERGARA  |  MONDAY, 26 OCT 2020
... laundering laws 23 million times. Westpac agreed to pay a civil penalty of $1.3 billion, which equates to just $56.52 per breach. Additionally, as part of the $1.2 billion loss, about $182 million was provisioned for customer refunds, repayments and ...

Calls to axe TPB for financial advisers

ELIZABETH MCARTHUR  |  FRIDAY, 23 OCT 2020
There are calls to stop financial advisers having to register for the Tax Practitioners Board (TPB) after a recent reshuffle of the board has seen the regulator without an advice representative. Writing for FS Advice, Lifespan Financial Planning chief ...