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

Search Results

Showing 981 - 990 of 5615 results for "ASIC"

Decade-long ban reduced for former adviser

KARREN VERGARA  |  TUESDAY, 14 NOV 2023
... former financial adviser who was jailed for breaching COVID-19 border restrictions to attend the AFL Grand Final had his ASIC banning order reduced. Mark Babbage, who was an authorised representative of Wealthsure and Capstone Financial Planning, will ...

Wealth managers shirk cybersecurity priorities

KARREN VERGARA  |  MONDAY, 13 NOV 2023
... underprepared for cybersecurity breaches particularly when it comes to managing third-party providers, a new report from ASIC finds. Wealth managers across the spectrum have a long way to go to prove that they are cyber resilient and actively protect ...

ASIC charges HESTA for misleading marketing

ANDREW MCKEAN  |  FRIDAY, 10 NOV 2023
HESTA has come under fire, with ASIC issuing three infringement notices against the fund for purportedly publishing false or misleading performance figures about one of its investment options. The industry fund subsequently incurred a $48,600 fine for ...

Adviser levy discount amounts to $8m saving

KARREN VERGARA  |  FRIDAY, 10 NOV 2023
Financial advisers are set to pay $400 less in the ASIC funding levy, saving the industry $8 million in total, according to new estimates from the Financial Advice Association Australia (FAAA). Based on two legislative instruments dated November 3 ...

More than $17m paid in CFD-related remediation

JAMIE WILLIAMSON  |  THURSDAY, 9 NOV 2023
... clients affected by legal breaches by eight retail OTC derivative issuers, $13 million of which was paid by Binance alone. ASIC said the payments have been made to more than 2000 retail investors since March 2021. In addition to Binance, Capital Com ...

Fears grow around greenwashing litigation protections

ROSE MARY PETRASS  |  WEDNESDAY, 8 NOV 2023
... to limit any potential liability, creating confusion in the market." The Australian Securities and Investments Commission (ASIC) "will play an important role in this transitional period, to ensure best practice reporting, and that all efforts are made ...

Potential reporting relief for trustees: ASIC

CHLOE WALKER  |  TUESDAY, 7 NOV 2023
ASIC is proposing to extend the temporary relief for superannuation trustees' disclosure and reporting consistency obligations for two years. ASIC is seeking feedback on the potential extension, including whether the current arrangement is operating ...

ASIC updates qualified tax relevant provider definition

KARREN VERGARA  |  TUESDAY, 7 NOV 2023
... satisfy the definition of a "qualified tax relevant provider" without having to undertake specific courses, according to ASIC. The corporate regulator said it made a one-off update to the Financial Advisers Register on November 3 to record that individuals ...

Sterling Income Trust executives charged

CHLOE WALKER  |  MONDAY, 6 NOV 2023
... product or service. The maximum penalty for this type of offence is 10 years' imprisonment and/or a fine of nearly $100,000, ASIC said. The Sterling Income Trust was established in 2012 as a funding vehicle for the Perth-based Sterling Group. From 2016 ...

Westpac reports $7.2bn profit

KARREN VERGARA  |  MONDAY, 6 NOV 2023
... number of customer calls in total, however, increased to over 210,00 during the period. The bank is currently in trouble with ASIC for allegedly neglecting more than 200 customer hardship requests over a seven-year period. Westpac blames it on "technology ...