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Showing 71 - 80 of 251 results for "Financial Services Law"

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 ...

ASIC issues warning over brokers' high-risk offers

JAMIE WILLIAMSON  |  WEDNESDAY, 31 AUG 2022
ASIC has told brokers to be careful about or to reconsider offering high-risk products and services to retail investors as an increasing number offer securities trading. ASIC said it has seen increased instances of brokers offering securities trading ...

ASIC research guides retail investment regulations

ANDREW MCKEAN  |  THURSDAY, 11 AUG 2022
... products and the licensees who use them, threatening substantial penalties of their content contravenes financial services law. Cognisant of more than half of new investors being aged between 18 and 34 years old, Longo said: "It's encouraging to ...

Advisers receive guidance on rights under FSCP

JAMIE WILLIAMSON  |  THURSDAY, 4 AUG 2022
... panel include matters of insolvency, fraud, failure to approve a Statement of Advice, contraventions of financial services law, and refusal or failure to give effect to an Australian Financial Complaints Authority determination at least twice. However ...

Adviser banned over early release scheme

JAMIE WILLIAMSON  |  WEDNESDAY, 3 AUG 2022
... was not adequately trained or competent, was not a fit and proper person and was likely to contravene a financial services law in the future," ASIC said. In addition, the AFSL of his business Simeone Pty Ltd was also cancelled. He had held the licence ...

OTC derivatives provider loses licence, executives banned

CASSANDRA BALDINI  |  THURSDAY, 14 JUL 2022
Over-the-counter derivatives provider Sirius Financial Markets Pty Ltd has surrendered its AFSL and its former executives Jonathan Schneider and Oskar Pecyna have both been banned for eight years. ASIC reported that Sirius Financial, trading as Trade360 ...

ASIC takes Lanterne Fund Services to court

ANDREW MCKEAN  |  THURSDAY, 7 JUL 2022
ASIC has issued civil penalty proceedings against wholesale licensee Lanterne Fund Services, saying it operated with almost no compliance staff or risk management processes. The regulator alleges that Lanterne has on multiple occasions failed to meet ...

Former adviser charged over faked books

CHLOE WALKER  |  TUESDAY, 28 JUN 2022
... permanently banned by ASIC for his dishonest conduct with the regulator saying he is likely to contravene financial services law in future for reasons including that he did so while licensed under two different groups. Commenting on the sanction, ASIC ...

Performance test comms criticised

JAMIE WILLIAMSON  |  FRIDAY, 24 JUN 2022
ASIC is warning super trustees to ensure they communicate upcoming performance test outcomes correctly to members, saying some of the funds that failed the test last year also failed to adequately inform members. The regulator has reviewed the performance ...

MSC Group launches Singaporean fund service

CASSANDRA BALDINI  |  FRIDAY, 17 JUN 2022
MSC Group has launched its fund services platform in Singapore after receiving a local capital markets licence. Its wholly owned subsidiary MSC Capital Partners Pte Ltd was issued the licence by the monetary authority of Singapore at the end of May. ...