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Showing 1 - 10 of 135 results for "SIS Act"

ASIC launches action against Equity Trustees for $65m First Guardian failures

ELIZA BAVIN | THURSDAY, 21 MAY 2026

... proceedings against Equity Trustees last year, it determined to make an application to the government under Part 23 of the SIS Act for help in making First Guardian and Shield investors whole. "Part 23 of the SIS Act is designed for exactly these purposes ...

FEATURE | Regulation: Picking up the pieces

KARREN VERGARA | TUESDAY, 24 MAR 2026

... Trustees and Equity Trustees have all announced they will tap Part 23 of the Superannuation Industry Supervision Act (SIS Act) to make their members whole, arguing the two MISs were fraudulent and they therefore do not consider themselves responsible ...

Small win for First Guardian victims amid platform transition

JAMIE WILLIAMSON | MONDAY, 5 JAN 2026

... fraudulent. As a result, the trustee has made an application to Treasury for financial assistance under Part 23 of the SIS Act and has said it will "vigorously defend" the case brought by ASIC.

Netwealth to spend $101m compensating First Guardian victims

JAMIE WILLIAMSON | THURSDAY, 18 DEC 2025

... to net profit after tax. Netwealth confirmed it has revoked an application it had made last month under Part 23 of the SIS Act, saying it had become evident this was the only way to restore members in a timely manner. Netwealth chief executive and managing ...

ASIC takes SMSF auditor to court for continuing work despite ban

RIDDHIMA TALWANI | THURSDAY, 27 NOV 2025

... acting as an SMSF auditor even after being permanently disqualified under the Superannuation Industry (Supervision) Act (SIS Act) by the regulator last year. ASIC said that Convery continued to act as an SMSF auditor for four tax agents and 56 entities ...

Equity Trustees to ask Mulino for help amid First Guardian, Shield fallout

JAMIE WILLIAMSON | THURSDAY, 30 OCT 2025

Equity Trustees will follow Netwealth's lead and make an application to the government under Part 23 of the SIS Act for help in making First Guardian and Shield investors whole. Speaking at the Equity Trustees annual general meeting today, managing ...

Netwealth invokes Part 23 of SIS Act in First Guardian response

JAMIE WILLIAMSON | MONDAY, 27 OCT 2025

... provider said it had applied to minister for financial services Daniel Mulino for financial assistance under Part 23 of the SIS Act on October 24. Part 23 of the SIS Act enables regulated super funds to make applications for financial assistance where ...

ASIC grants no-action on deficient advice fees consent

JAMIE WILLIAMSON | FRIDAY, 6 JUN 2025

... regulator said it does not intend to take action on a breach of section 962S of the Corporations Act and section 99FA of the SIS Act that it has seen. The issue involved a written consent being given to a client for the fee recipient to deduct or arrange ...

NAB MySuper class action settlement approved

JAMIE WILLIAMSON | WEDNESDAY, 14 MAY 2025

... Supreme Court of Victoria ruled the case invalid saying prospective losses are not considered a loss under s 55(3) of the SIS Act. The case was then moved to the Federal Court, with Maurice Blackburn saying the loss came in the form of the higher fees ...

Cbus faces fresh investigation over fund expenditure practices

ANDREW MCKEAN | TUESDAY, 11 FEB 2025

... however, announced today that it is exploring possible breaches of the Superannuation Industry (Supervision) Act 1993 (SIS Act) by Cbus, with the investigation focused on expenditure management practices. APRA deputy chair Margaret Cole said the regulator ...

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BT appoints new head of strategy

KARREN VERGARA | 10:47AM

A former Allianz Retire+ executive has joined BT as the new head of strategy.

ASX sees trade volumes soar in May

MATTHEW WAI | 12:24PM

ASX saw a substantial growth in trade volumes last month, despite continued lackluster movement in IPOs.

Otivo launches AI-powered financial advice

MATTHEW WAI | 12:21PM

Otivo has launched a mobile app for Australians to access licensed advice powered by AI.

Munro expands access to climate focused fund

VINNY VUCAGO | 12:09PM

The Munro Global Growth Climate Leaders PIE Fund has been opened to retail investors in New Zealand.

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