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Showing 61 - 70 of 340 results for "Victims"

CSLR review will scrutinise effect on businesses

KARREN VERGARA  |  MONDAY, 3 FEB 2025
... Stephen Jones last Friday announced the government will launch a review of the scheme. The CSLR was introduced to provide victims of financial services misconduct with access to redress and compensation within the scope of the scheme, after all other ...

Jones instigates CSLR review, levy hits $70m

KARREN VERGARA  |  FRIDAY, 31 JAN 2025
... announced that the Albanese government is directing Treasury to undertake a comprehensive review of the CSLR to ensure victims of financial misconduct have a sustainable avenue for redress. "This is all about ensuring the scheme remains sustainable into ...

Court sentences Ponzi scheme promoter

KARREN VERGARA  |  MONDAY, 23 DEC 2024
... also the director of Courtenay House Trading Group and Proactive Property. In sentencing Iervasi, Justice Sweeney found victims made a net loss of $54 million while he benefited about $12 million. "As well as the loss of life savings and family homes ...

ASIC sues HSBC Australia over $23m scam losses

MATTHEW WAI  |  MONDAY, 16 DEC 2024
ASIC has launched legal proceedings against HSBC Bank Australia in the Federal Court, alleging the latter failed to "adequately protect customers", resulting in losses of about $23 million through nearly 1000 unauthorised transactions. ASIC said the ...

FAAA slams 'underlying issues' in CSLR

ELIZA BAVIN  |  THURSDAY, 12 DEC 2024
... Specifically, the FAAA highlighted "deep flaws" surrounding the Dixon Advisory scandal that has since seen compensation for victims blow out to $154 million. In its submission, the FAAA said the financial advice industry has come under increased pressure ...

Settlement reached in Caddick class action

ELIZA BAVIN  |  MONDAY, 9 DEC 2024
... failed his clients wouldn't have suffered any loss. "Our role - acting only on behalf of the SMSFs, not the individual victims - is to attempt to recover the rest," he said. "Indications from the receivers are that victims are likely to get back from ...

Super framework, SMSFs conducive to financial abuse: Inquiry

KARREN VERGARA  |  FRIDAY, 6 DEC 2024
... not tolerated in any form. We strongly support government and parliament moving to close this legal loophole and protect victims of family violence and financial abuse." The SMSF sector, meanwhile, appears to be a hotbed for financial abuse due to lower ...

Firms treat CSLR as 'insurance policy': FAAA

KARREN VERGARA  |  MONDAY, 2 DEC 2024
... microscope. The PI insurer for Dixon Advisory, for example, paid just $16 million in compensation. However, Dixon Advisory victims are expected to receive nearly $400 million in total that advice firms and major companies will have to fork out. Hence ...

'But for' compensation methodology unfair: FAAA

KARREN VERGARA  |  FRIDAY, 29 NOV 2024
The methodology used to calculate compensation for victims of bad financial advice appears to factor in 'opportunity costs' and has drawn the ire of advisers, calling it "unfair" and "unsustainable" for the industry. The "but for" methodology ...

ASIC sues NAB for failing customers

ELIZA BAVIN  |  MONDAY, 18 NOV 2024
... help when they needed them most," ASIC chair Joe Longo said. "These customers included people who were domestic violence victims, battling serious medical conditions, dealing with business closures or job loss. NAB's failures likely compounded the already ...