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Showing 1 - 10 of 72 results for "Storm Financial"

A sensible roadmap: Industry responds to QAR paper

JAMIE WILLIAMSON  |  MONDAY, 29 AUG 2022
... industry return to "the bad old days that allowed scandals like those involving Commonwealth Financial Planning and Storm Financial to occur." "This would be an incredible disappointment to the victims of financial advice scandals who gave evidence to ...

Court confirms Storm Financial founders breached duties

JAMIE WILLIAMSON  |  FRIDAY, 27 MAR 2020
The Full Federal Court has confirmed the directors of Storm Financial Group breached their duties as directors, dismissing their appeal of ASIC's 2016 decision. The determination wraps up an appeal against the regulator's original decision by ...

IOOF faces class action

KANIKA SOOD  |  MONDAY, 18 MAR 2019
The lawyer who led $300 million of claims during the Storm Financial crisis is preparing a class action against IOOF. Quinn Emanuel partner Damian Scattini said the firm will next week file a claim in the Supreme Court of New South Wales. The class ...

Regulatory inadequacy to blame: Hayne

JAMIE WILLIAMSON  |  FRIDAY, 28 SEP 2018
... negotiated with ASIC while requiring few changes to the business itself," Hayne said. In stating this, he referred to Storm Financial and Commonwealth Financial Planning. He also slammed the common rhetoric within the industry that misconduct comes down ...

ASIC closes doors on Storm charges with two fines

ALEX BURKE  |  FRIDAY, 23 MAR 2018
Nearly a decade after ASIC began its investigation into Storm Financial, two directors have been fined $70,000 each for breach of duties. Emmanuel and Julie Cassimatis were previously disqualified from managing corporations for seven years. When they ...

Storm Financial investor slams court decision

ALEX BURKE  |  MONDAY, 29 AUG 2016
... joint chair of the Storm Investors Consumer Action Group has criticised the Federal Court's recent ruling against Storm Financial. Seven years after going into administration, Storm Financial has been found by the court to have provided inappropriate ...

ASIC needs to focus on prevention, not cure

ALEX BURKE  |  THURSDAY, 21 JUL 2016
... on compliance, while the "fiduciary side" requires industry self-regulation. In order to avoid a disaster like Storm Financial, he continued, there needs to be both better industry accountability and regulation that addresses problems before they manifest. ...

ASIC to face legal action over Storm Financial

LAURA MILLAN  |  THURSDAY, 5 FEB 2015
... Securities and Investments Commission (ASIC) is facing a class action for its alleged delay in taking action against Storm Financial and for allegedly acting to protect the interests of major banks, particularly the Commonwealth Bank, rather than customers. ...

Prosecution drops charges against Storm adviser

LAURA MILLAN  |  MONDAY, 17 NOV 2014
The Commonwealth Director of Public Prosecutions has withdrawn its charge against former Storm Financial adviser Walter John Fullerton-Smith, following the death of a key witness. Fullerton-Smith faced a charge of making a false or misleading statement ...

BOQ reaches $17 million settlement with Storm victims

LAURA MILLAN  |  MONDAY, 22 SEP 2014
Bank of Queensland (BOQ) will pay $17 million to customers who were victims of Storm Financial as part of the legal proceedings of a class action brought against the bank. The net impact after tax to BOQ will be of $22.1 million, which includes all ...
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