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Showing 781 - 790 of 3918 results for "law"

Court dismisses CBA, CFS conflicted remuneration case

JAMIE WILLIAMSON  |  THURSDAY, 29 SEP 2022
The Federal Court dismissed ASIC's case against Commonwealth Bank and Colonial First State in relation to the distribution of Essential Super. CBA staff signed up over 390,000 people to CFS's Essential Super between July 2013 and June 2019. ...

Tech providers support QAR SOA proposals

CASSANDRA BALDINI  |  THURSDAY, 29 SEP 2022
Financial planning technology providers have agreed with the Quality of Advice Review's (QAR) proposal to remove Statements of Advice. Advice Intelligence founder and chief executive Jacqui Henderson said QAR chair Michelle Levy makes a critical ...

No surprise advice industry fears ASIC: Panel

CASSANDRA BALDINI  |  FRIDAY, 23 SEP 2022
... uncertainty contributed to a problem of inefficient advice processes by adding additional steps that arguably are not required by law. He directed the first question to Sciacca and pointed out that Quality of Advice Review chair Michelle Levy was surprised ...

Current legislation "wrong way around": Levy

CASSANDRA BALDINI  |  THURSDAY, 22 SEP 2022
... advice, Levy said she has chosen that formulation to provide customers with what they want. "Let's actually put that in the law, an obligation to give good advice. It's a big shift because the current law very much focuses on best interest duty ...

AMP cops $14.5m penalty over fees for no service

JAMIE WILLIAMSON  |  TUESDAY, 20 SEP 2022
Five AMP companies will pay $14.5 million for charging close to 1500 superannuation members fees for no service over the course of about three years. The Federal Court handed the fine to AMP Superannuation, AMP Financial Planning, Charter Financial ...

AMP's Edwina Maloney joins ASFA board

ANDREW MCKEAN  |  TUESDAY, 20 SEP 2022
Edwina Maloney has joined the board of the Association of Superannuation Funds of Australia. Maloney will represent the retail fund sector, filling a casual vacancy created by the departure of BT's Melinda Howes earlier this year. ASFA said Maloney ...

Consultation opens on crypto regulation bill

ANDREW MCKEAN  |  MONDAY, 19 SEP 2022
Liberal senator Andrew Bragg has released a draft bill for consultation that introduces licences for digital asset exchanges, custody services, stablecoin issuers, and instigates disclosure requirements for Chinese state-owned banks that facilitate ...

Mawhinney ban overturned, to face retrial

JAMIE WILLIAMSON  |  THURSDAY, 15 SEP 2022
... ASIC said. It also said that, in the initial trial, ASIC was operating under what it now accepts to be a mistaken view of the law. Commenting, ASIC deputy chair Sarah Court said the regulator will consider the judgment very carefully and evaluate its ...

ASIC concerns see 18 funds update advertising materials

JAMIE WILLIAMSON  |  THURSDAY, 8 SEP 2022
ASIC surveillance of managed funds' marketing materials has found several instances of inadequate warnings or disclaimers related to performance and downplaying of risks, leading 13 providers to make amendments. To date, 13 responsible entities or trustees ...

ASIC bans Sterling & Freeman director

ANDREW MCKEAN  |  WEDNESDAY, 7 SEP 2022
ASIC has banned Wayne Christopher Saman, the sole director of Sterling & Freeman Advisory for a period of five years. Saman was banned because an ASIC surveillance found he was involved in Sterling & Freeman's contravention of financial laws. Sterling ...