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Showing 781 - 790 of 1678 results for "Breach"

IOOF responds to class action

ELIZABETH MCARTHUR  |  FRIDAY, 12 APR 2019
IOOF has responded to being served with a class action proceeding filed by Quinn Emanuel Urqhart & Sullivan. On Friday the law firm announced it had filed proceedings against IOOF,based on evidence given at the Royal Commission and legal proceedings ...

APRA to boost staff numbers

HARRISON WORLEY  |  FRIDAY, 12 APR 2019
APRA has confirmed it will hire around 100 more permanent staff after its funding boost. In a planned statement to the Senate Economics Legislation Committee, APRA chair Wayne Byres revealed the prudential regulator is looking to hire 100 more permanent ...

Superannuation Guarantee continues to fail employees: Report

KARREN VERGARA  |  THURSDAY, 11 APR 2019
A new study debunks the myth that blue-collar workers are the occupational group most likely not to receive their superannuation entitlements. Using ATO data from 2015/16, Mercer's Unsupered report reveals of the 397,900 salaried employees who are ...

CBA, ASIC move to resolve AFSL conditions

KANIKA SOOD  |  WEDNESDAY, 10 APR 2019
ASIC has released the final compliance report on the conditions it placed on Commonwealth Financial Planning and Financial Wisdom in 2014. Commonwealth Bank has paid a further $2.3 million to 232 clients advised by five of its advisers, according to ...

Government bans superannuation funds treating employers

KARREN VERGARA  |  WEDNESDAY, 10 APR 2019
... preventing "treating" employers and called for the Act to be amended to include a civil penalty provision in the event of a breach - which is to be enforceable by ASIC.

ASIC outlines enforcement efforts

ELIZABETH MCARTHUR  |  WEDNESDAY, 10 APR 2019
In the second half of last year ASIC brought criminal proceedings against nine individuals on 76 charges, with four people imprisoned as a result and $12.7 million imposed in civil penalties. ASIC also disqualified 28 directors and there were 72 instances ...

APRA receives new super powers

KARREN VERGARA  |  FRIDAY, 5 APR 2019
... tabled by the Opposition allow for a Court to fine the trustee or director up to 2,400 penalty units," it read. A serious breach of directors' duties (such as intentional or fraudulent contraventions) may constitute a criminal offence punishable ...

FCA hits Goldman Sachs over reporting failures

HARRISON WORLEY  |  FRIDAY, 5 APR 2019
The UK's financial services conduct regulator has fined Goldman Sachs International more than £34 billion over historic reporting breaches. The FCA revealed the fine late last month and said the global giant had failed to provide accurate and timely ...

Major advice licensee in possible best interest breach

JAMIE WILLIAMSON  |  THURSDAY, 4 APR 2019
Extra conditions have been placed on the AFSL of one of Australia's biggest financial advice licensees following an investigation sparked by phenomenal growth in adviser numbers in just six months. SMSF Advisers Network has had additional licence ...

Kelaher to leave IOOF

ELIZABETH MCARTHUR  |  THURSDAY, 4 APR 2019
IOOF has announced new leadership following the fallout from the Royal Commission, with managing director Chris Kelaher to leave the embattled wealth firm. Allan Griffiths has been named IOOF's new independent, non-executive chair. He has been acting ...