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Showing 41 - 50 of 3522 results for "Law"

Panel declares 'unacceptable circumstances' for Sequoia

KARREN VERGARA  |  TUESDAY, 2 JUL 2024
The Takeovers Panel declared that rogue shareholders, which include Glennon Capital, seeking to gain control of Sequoia Financial Group were not transparent about their relationship and breached substantial shareholder laws. In an update to the ASX ...

ASIC takes action against Guildfords FM, director

KARREN VERGARA  |  FRIDAY, 28 JUN 2024
ASIC has cancelled the licence of Guildfords Funds Management and banned its managing director Robert Payne for their involvement in the collapse of Magnolia Capital Group. ASIC found "significant and systemic failures of oversight and compliance" upon ...

New NALE rules, AFCA's super powers passed

KARREN VERGARA  |  THURSDAY, 27 JUN 2024
... legislation, passed both houses of Parliament. Currently, NALE rules apply to all complying superannuation entities. Under the new law, these will no longer apply to large APRA-regulated funds, exempt public sector superannuation funds, pooled superannuation ...

Financial advice profession 'lacks consistent protocols'

ELIZA BAVIN  |  TUESDAY, 25 JUN 2024
The financial advice profession "lacks consistent protocols" for handling suspected financial abuse and there are insufficient whistleblower protections, according to the Financial Advice Association Australia (FAAA). In its submission to the Parliamentary ...

Super account advice fees a sticking point for advice bill: Senate inquiry

KARREN VERGARA  |  FRIDAY, 21 JUN 2024
... cost of financial product advice that are fees charged to member concerned - which will be amended if the bill is passed. The law states that trustees must not directly or indirectly pass the cost of providing financial product advice on to the member ...

AFSLs undertake more reviews, lack risk documentation

KARREN VERGARA  |  TUESDAY, 18 JUN 2024
... however, are less frequent as close to 20% of licensees do not commission any external reviews of their business operations. "The law is not prescriptive in how often a licensee should be reviewing its operations and there is no requirement to have an ...

ASIC appeals judge's call to not penalise Block Earner

JAMIE WILLIAMSON  |  TUESDAY, 18 JUN 2024
... degree as to demonstrate that no genuine attempt at all had been made to carry out the requirements of the Act or the general law." His reasons for this were that, among other things, Block Earner sought legal advice. The judge said that even if he hadn't ...

Will ASIC use AI for advice compliance monitoring?

ANDREW MCKEAN  |  MONDAY, 17 JUN 2024
The rapid expansion of artificial intelligence (AI) applications in the financial advice industry has led to a prediction that ASIC could soon incorporate AI into its compliance and audit checks of advisers. Financial technology firm Padua envisions ...

ASIC issues first stop order for crowd funding

ELIZA BAVIN  |  THURSDAY, 13 JUN 2024
... that is simpler for founders to manage," a VentureCrowd spokesperson said. "We consider that our actions are permitted under law and will be responding to ASIC on that basis. We will work transparently with ASIC to resolve this matter and ensure the ...

Super Members Council renews calls for anti-hawking extension

JAMIE WILLIAMSON  |  THURSDAY, 13 JUN 2024
... products, not financial advice services. "Anti-hawking laws should be tightened, and current consumer protections locked into law to stop dodgy financial advisers using click-bait social media posts, cold-calls and pressure sales tactics to move unsuspecting ...