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Showing 1 - 10 of 23 results for "Federal Court for"

'Licensee for hire' fined $1.25m by court

JAMIE WILLIAMSON  |  THURSDAY, 11 APR 2024
Lanterne Fund Services was issued a $1.25 million penalty by the Federal Court for failing to comply with basic obligations, including operating with almost no compliance staff or risk management processes. In July 2022, ASIC issued civil penalty proceedings ...

Super funds' IDR process weak, inadequate: AFCA

KARREN VERGARA  |  FRIDAY, 5 APR 2024
... issues. AFCA meanwhile closed its investigation based on this. Last November, ASIC took TelstraSuper to the Federal Court for allegedly failing to comply with IDR requirements, as 40% of the fund's responses to complainants during a specific period ...

Commonwealth Bank slapped with $10.3m fine for wage theft

ANDREW MCKEAN  |  FRIDAY, 16 FEB 2024
Commonwealth Bank was fined $10.3 million by the Federal Court for its involvement in wage theft which led to $16 million in underpayments to over 7400 workers. The case emerged after the Finance Sector Union (FSU) uncovered the bank's systematic ...

Court fines Linchpin, Endeavour directors

KARREN VERGARA  |  THURSDAY, 11 JAN 2024
... Endeavour Securities, both of which are now in liquidation, were slapped with a combined $390,000 penalty by the Federal Court for breaching their duties. Last April, the court found that Ian Williams, Paul Raftery, Paul Nielsen, and Peter Daly breached ...

ANZ fined $900k over shares disclosure failure

CHLOE WALKER  |  MONDAY, 11 DEC 2023
... market integrity." ANZ was also ordered to pay ASIC's costs. Recently, the bank was fined $15 million by the Federal Court for misleading customers over the funds available to them in select credit card accounts. "ASIC will continue to take action against ...

Dispute resolution failures land TelstraSuper in Federal Court

KARREN VERGARA  |  MONDAY, 6 NOV 2023
The corporate regulator is taking TelstraSuper to the Federal Court for allegedly failing to comply with internal dispute resolution requirements. ASIC alleges that 40% of the corporate superannuation fund's responses to complainants during a specific ...

ANZ hit with $15m penalty for misleading customers

ANDREW MCKEAN  |  TUESDAY, 26 SEP 2023
ANZ Bank has been ordered to pay $15 million by the Federal Court for misleading customers over the funds available to them in select credit card accounts. The Court found that ANZ breached both the ASIC and the National Consumer Credit Protection Act ...

TPB grilled over handling of PwC scandal

JAMIE WILLIAMSON  |  THURSDAY, 1 JUN 2023
... we haven't failed to deal with what's occurred here." In dealing with such matters, the TPB can apply to the Federal Court for an order for payment of a pecuniary penalty - something, Pocock pointed out, it has not done. "Why no fine? The average taxpayer ...

BT Funds Management fined $20m

JAMIE WILLIAMSON  |  FRIDAY, 8 APR 2022
BT Funds Management has been handed a $20 million fine by the Federal Court for continuing to charge commission payments to superannuation members for seven years after they were banned. BT Funds Management charged insurance premiums that included commissions ...

MLC to face court over insurance failures

JAMIE WILLIAMSON  |  FRIDAY, 19 NOV 2021
... over insurance failures spanning more than 20 years. The regulator commenced civil penalty proceedings in the Federal Court for insurance policy and service failures that occurred between 1999 and 2020. The action is against MLC Limited, the entity that ...
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