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Showing 71 - 80 of 124 results for "ASIC Act"

Westpac cops BBSW fine

HARRISON WORLEY  |  MONDAY, 12 NOV 2018
... ensnared Australian banks this year. On Friday the Federal Court ordered the bank pay $3.3 million for contravening the ASIC Act in its involvement in setting the BBSW eight years ago. Additionally, the bank will welcome an independent expert into its ...

NAB, MLC face class action

JAMIE WILLIAMSON  |  THURSDAY, 27 SEP 2018
... pensions. Slater and Gordon allege the sales practices amounts to unconscionable conduct, meaning MLC and NAB contravened the ASIC Act. Acting on behalf of customers, the law firm believes NAB knew that its credit card insurance was likely to be of little ...

Retail super funds in hot water: Royal Commission

KARREN VERGARA  |  MONDAY, 27 AUG 2018
... or deceptive or likely to misleading or deceive"; Engaging in "unconscionable" conduct contrary to section 12CA of the ASIC Act for charging the PSF, attempting to retain and avoid reimbursement in circumstances where it was known that the fee should ...

Dover AFSL cancelled, McMaster exits industry

JAMIE WILLIAMSON  |  FRIDAY, 29 JUN 2018
... services laws. ASIC determined certain terms of the policy were detrimental to clients and unfair under section 12BG of the ASIC Act because they created a significant imbalance in the rights and obligations of the adviser and their client; and were ...

Westpac off the hook in BBSW scandal

KANIKA SOOD  |  FRIDAY, 25 MAY 2018
... conscience as informed by the normative standards and their implicit values enshrined in the text, context and purpose of the ASIC Act specifically and the Corporations Act generally," Justice Jonathan Beach said in his judgement. In the four occasions ...

CBA cops $25 million for BBSW rigging

KANIKA SOOD  |  WEDNESDAY, 9 MAY 2018
... bank's pile of settlement payouts. CBA will acknowledge it "attempted to engage in unconscionable conduct in breach of the ASIC Act" while trading on the BBSW market on five occasions from February to June in 2012. The bank will also concede its policies ...

ROYAL COMMISSION: Top stories

JAMIE WILLIAMSON  |  FRIDAY, 20 APR 2018
... and expectations." It also made a series of acknowledgements of possible contraventions of the Corporations Act and the ASIC Act in relation to fees for no service. It was later revealed that AMP's law firm, Clayton Utz, removed outgoing chief executive ...

AMP admits to serious misconduct in RC submissions

JAMIE WILLIAMSON  |  MONDAY, 16 APR 2018
... standards and expectations." AMP made a series of acknowledgements of possible contraventions of the Corporations Act and the ASIC Act in relation to fees for no service. Orr said AMP acknowledged 196 events across 14 of its advice licensees where advisers ...

Royal Commission to take "labyrinthine" advice legislation to task

ALEX BURKE  |  MONDAY, 9 APR 2018
... establishment in 1998. The paper continues: "Although both Chapter 7 of the Corporations Act and Part 2, Division 2 of the ASIC Act have subsequently been amended extensively, it is important to note that by the beginning of the century the regulatory ...

NAB refunds home loan customers

KARREN VERGARA  |  TUESDAY, 19 DEC 2017
NAB refunded $1.7 million to home loan customers after it failed to properly set up mortgage offset accounts, according to ASIC. Customer complaints prompted NAB to conduct an internal review, which found the bank failed to link offset accounts to broker ...