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Showing 961 - 970 of 8715 results for "Regulator"

JP Morgan subsidiaries fined $230m by regulator

JAMIE WILLIAMSON  |  FRIDAY, 1 NOV 2024
... private equity and hedge funds that would later distribute shares of companies that went public to the Conduit funds. The regulator said that, contrary to what JPMS told investors, a JPMorgan affiliate had total control over those funds, with the SEC ...

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 ...

Cole puts funds on notice as expenditure data is revealed

ELIZA BAVIN  |  WEDNESDAY, 30 OCT 2024
... funds' expenditure from marketing costs and payments to industrial bodies to spending on member services, as the regulator puts a spotlight on how member money is being spent. AustralianSuper had the biggest marketing spend, coming in at $60 million. ...

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

MATTHEW WAI  |  TUESDAY, 29 OCT 2024
The regulator's inaugural report on use of artificial 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 ...

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
After assessing a large volume of Dixon Advisory complaints, the Australian Financial Complaints Authority (AFCA) warned financial advisers of their responsibilities to manage conflicts of interest under the Conflicts Priority Rule. AFCA senior ombudsman ...

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
ClearView Wealth has announced three executive appointments, choosing to hire from within the company. ClearView welcomed Judilyn Beaumont to the role of chief risk officer while continuing her role as general counsel. Beaumont joined the company in ...

APRA questioned on super performance test

ELIZA BAVIN  |  FRIDAY, 25 OCT 2024
... Independent MP Allegra Spender questioned APRA deputy chair Margaret Cole on whether APRA believes the standards to which the regulator holds super funds are adequate, or if there should be more focus put on super fund net returns. Cole said the performance ...