Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Search Results

Showing 831 - 840 of 6449 results for "Regulatory"

JP Morgan subsidiaries fined $230m by regulator

JAMIE WILLIAMSON  |  FRIDAY, 1 NOV 2024
... multiple self-reports and large voluntary payments to harmed investors, JP Morgan is being held accountable for its regulatory failures."

Licensees pay $92m in compensation

ELIZA BAVIN  |  FRIDAY, 1 NOV 2024
ASIC has released its third publication on information lodged under the reportable situations regime. The publication provides high-level insights into reporting trends from 1 July 2023 to 30 June 2024, and covers licensee population reporting, breach ...

Non-bank lender sued for dodging Credit Code

JAMIE WILLIAMSON  |  THURSDAY, 31 OCT 2024
The corporate regulator is suing Oak Capital, alleging it deliberately circumvented the National Credit Code by writing loans to companies it knew were for individuals before repossessing their homes when they couldn't repay. Oak Capital is a private ...

Gap exists between licensees' AI use and governance processes: ASIC

MATTHEW WAI  |  TUESDAY, 29 OCT 2024
... intelligence by licensees found instances of artificial intelligence (AI) use that was at risk of being at odds with their regulatory obligations. ASIC reviewed more than 600 AI use cases across 23 licensees as at the end of 2023, which included operations ...

ASIC secures win against HCF Life

ELIZA BAVIN  |  TUESDAY, 29 OCT 2024
The Federal Court has ruled in ASIC's favour, finding that a 'pre-existing condition' term in certain HCF Life policies was liable to mislead the public. The term was used in three contracts issued under HCF Life's 'Recover' range of products. ASIC ...

Advisers must prioritise Conflicts Priority Rule: AFCA

KARREN VERGARA  |  MONDAY, 28 OCT 2024
... it's prioritising the client's best interests," she told the annual AFCA Forum last week. AFCA typically uses Regulatory Guide 175 Licensing: Financial product advisers-Conduct and disclosure to assess cases. Merely disclosing the conflict is ...

Queensland-based financial firm loses AFSL

MATTHEW WAI  |  FRIDAY, 25 OCT 2024
A Queensland-based financial services business has lost its Australian financial service licence (AFSL) following its failure to comply with licensee obligation. ASIC revoked the AFSL of Next Generation Advice (in liquidation) (Next Gen) after the Queensland ...

ClearView announces executive changes

MATTHEW WAI  |  FRIDAY, 25 OCT 2024
... secretary and leads ClearView's legal and risk and compliance functions. She is responsible for corporate affairs and regulatory engagement, ClearView said. ClearView managing director Nadine Gooderick said Beaumont's appointment reinforces the organisation's ...

APRA questioned on super performance test

ELIZA BAVIN  |  FRIDAY, 25 OCT 2024
APRA has been questioned by the House of Representatives around how it monitors superannuation fund performance and whether there should be more focus on fees over returns. Independent MP Allegra Spender questioned APRA deputy chair Margaret Cole on ...

Operational risk reserve targets trimmed for larger funds

JAMIE WILLIAMSON  |  THURSDAY, 24 OCT 2024
... amount lower than 0.25% of FUM," it said. "APRA's approach is intentionally simple, including an intent to reduce regulatory burden on RSE licensees in circumstances where there may not be commensurate prudential benefit." However, trustees will ...