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Showing 1 - 10 of 100+ results for "Misconduct"

Better Advice Bill gets green light

KARREN VERGARA  |  FRIDAY, 22 OCT 2021
The landmark Better Advice Bill, which introduces a new disciplinary body, passed the senate overnight. Under the Financial Sector Reform (Hayne Royal Commission Response-Better Advice) Bill 2021 (Better Advice Bill), from 1 January 2022, the Financial ...

CFS fined $20m over super misconduct

JAMIE WILLIAMSON  |  TUESDAY, 19 OCT 2021
Colonial First State will pay $20 million for misleading members in its FirstChoice Fund. The fine follows the court's decision in September that CFS had misled members on almost 13,000 regarding investment decisions, possibly deterring them from ...

ASIC eyes employee super fund choice

KARREN VERGARA  |  MONDAY, 18 OCT 2021
... regulator will conduct a review this financial year on how trustees abide by its requirements and may consider action where misconduct causing consumer harm is identified. ASIC commissioner Danielle Press said it is important that employers do not take ...

Actuaries Institute devises director skills checklist

JAMIE WILLIAMSON  |  MONDAY, 18 OCT 2021
... reads. In their paper, Rafe and Laughlin question whether directors' failure to understand their businesses enabled the misconduct uncovered by Commissioner Hayne's inquiry. While boards in the financial services industry have certainly changed in recent ...

ASIC calls for stronger whistleblowing policies

ANNABELLE DICKSON  |  THURSDAY, 14 OCT 2021
... corporate regulator saw policies that did not list all the categories of people to whom a whistleblower can report misconduct or qualify for protection. Some policies limited the information to the entities' preferred reporting channels and inaccurately ...

Industry calls for expanded CSLR

ANNABELLE DICKSON  |  WEDNESDAY, 6 OCT 2021
... trading as Youpla." "One of the reasons we had a banking royal commission was because thousands of victims of financial misconduct had been left without compensation. The establishment of a compensation scheme was one of the Royal Commission's most important ...

AMP reduces super fees

JAMIE WILLIAMSON  |  MONDAY, 20 SEP 2021
... Federal Court over fees for no service charged on corporate super accounts between 2015 and 2019. It is alleged the misconduct saw AMP pocket more than $600,000 in financial advice fees from 1540 customers despite having been notified that those customers ...

Former adviser banned after super theft

JAMIE WILLIAMSON  |  FRIDAY, 17 SEP 2021
... placed in him by his clients and that a permanent ban was appropriate to prevent him doing the same thing in future. His misconduct was uncovered as part of an investigation that began in 2019 after he refused to cooperate with the Australian Financial ...

Global firm expands into Aussie wealth management

ELIZABETH MCARTHUR  |  FRIDAY, 17 SEP 2021
... that she sees significant opportunities for the firm to expand in Australia. "Fuelled by the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Australian wealth and asset management sectors are probably ...

Tax agent banned for dishonesty

ANNABELLE DICKSON  |  FRIDAY, 10 SEP 2021
... banned a Victoria-based tax agent for five years for dishonestly obtaining his registration and engaging in further misconduct. Srinivasarao Jakkampudi, sole director and supervising tax agent of Truecare Solutions, requested that his employee complete ...
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