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Showing 71 - 80 of 892 results for "Failing"

Small industry super funds beat giants on trust, service, value

ANDREW MCKEAN  |  WEDNESDAY, 18 JUN 2025
... funds "don't do very well." Devitt noted that ASIC's crackdown on larger funds like Cbus, which was sued for allegedly failing to act honestly and fairly in handling death benefit and total and permanent disability insurance claims, and AustralianSuper ...

ASIC cancels Financial Services Group Australia's AFSL

KARREN VERGARA  |  MONDAY, 16 JUN 2025
... in the Shield Master Fund and the First Guardian Master Fund. ASIC said it cancelled FSGA's licence on June 7 for failing to take reasonable steps to ensure that two of its representatives provided financial product advice that was appropriate to ...

ASIC sues Australian Unity for TMD failure

KARREN VERGARA  |  WEDNESDAY, 11 JUN 2025
ASIC is suing Australian Unity Funds Management for allegedly failing to ensure retail investors fit the suitable target market for its investment product, the Select Income Fund. ASIC is looking at the period between 5 October 2021 and 5 October 2023 ...

ASIC alleges Choosi flogged Hannover life insurance products

KARREN VERGARA  |  TUESDAY, 3 JUN 2025
ASIC has taken Choosi to the Federal Court for allegedly failing to provide a range of comparable options on life and funeral insurance policies to customers and instead flogging products solely from Hannover Life Re. From at least 1 July 2019 and to ...

ASIC blasts managed funds' poor compliance plans

KARREN VERGARA  |  MONDAY, 2 JUN 2025
... of the obligations. Following the review, it is now investigating potential breaches of compliance plan obligations. "Failing to plan is planning to fail," the corporate watchdog warned. Out of the three obligations, the approach to DDO requirements ...

Large penalties against super funds are appropriate: ASIC

ELIZA BAVIN  |  THURSDAY, 29 MAY 2025
ASIC commissioner Simone Constant told Financial Standard that many super fund trustees have taken accountability for not meeting their requirements to members, know they need to improve and accept the penalties that are brought against them. However ...

QSuper settles $67m class action

ANDREW MCKEAN  |  WEDNESDAY, 28 MAY 2025
... QSuper breached its obligations under the Corporations Act 2001 and the Superannuation Industry (Supervision) Act 1993 by failing to properly inform members of changes to life insurance premiums introduced in July 2016. Those changes, implemented before ...

Count Financial class action dismissed

ELIZA BAVIN  |  WEDNESDAY, 28 MAY 2025
Count Financial has successfully defended itself against a class action which was filed in 2020 alleging it failed to ensure financial advisers were acting in their clients' best interests. The case has been before the court for just shy of five years ...

ASIC sues home loan manager over 'unlawful' hardship application handling

MATTHEW WAI  |  WEDNESDAY, 21 MAY 2025
... Commission (ASIC) has filed legal proceedings against Resimac, which manages non-bank loans provided by Perpetual Trustees, for failing to provide appropriate care in responding to hardship applications. Resimac is an alternative lender for residential ...

Cointree hit with AUSTRAC fine

ELIZA BAVIN  |  MONDAY, 19 MAY 2025
... Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). AUSTRAC chief executive Brendan Thomas said that failing to submit SMRs on time denied AUSTRAC and its law enforcement partners the opportunity to act on the information in ...