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Budget 2024: Regulators given boost to combat misconduct, cybersecurity

JAMIE WILLIAMSON  |  TUESDAY, 14 MAY 2024
The government will provide $17.3 million over four years to ASIC and APRA to combat greenwashing and other related financial misconduct and help further develop Australia's sustainable finance market. In a bid to promote the development of sustainable ...

ASIC slams funds' serious deficiencies over advice fee charges

JAMIE WILLIAMSON  |  THURSDAY, 9 MAY 2024
... fund. Effective trustee oversight practices can help mitigate risks and protect superannuation members from real financial harm over the long-term," ASIC commissioner Simone Constant said. "ASIC is concerned about the potential impact on superannuation ...

How to win in today's wealth management industry: EY

ANDREW MCKEAN  |  WEDNESDAY, 24 APR 2024
... management and front-office performance. This requires cultural sensitivity and carries the potential risk of client relationship harm," the report said. "The challenge is to modernise and simplify front-office operations in a smooth way, increasing ...

ASIC challenges court ruling in Finder Wallet crypto case

ANDREW MCKEAN  |  THURSDAY, 11 APR 2024
... inappropriate products," Court said. "We allege that Finder Wallet failed to do this, potentially putting their customers at risk of harm."

Government introduces company merger overhaul

ANDREW MCKEAN  |  WEDNESDAY, 10 APR 2024
Australia's merger rules will be reformed in a bid to boost competition and productivity in the economy. Treasurer Jim Chalmers and assistant minister for competition, charities, and treasury Andrew Leigh jointly stated that mergers will be approved ...

James Mawhinney arrested as Mayfair 101 saga rolls on

JAMIE WILLIAMSON  |  WEDNESDAY, 10 APR 2024
... and then we will consider bringing a case for malicious prosecution. Further, we want to put it on record that there is no harm alleged by the charges.'" The statement has since been updated online to read: "I have been advised by my lawyers not ...

Hejaz awards technology mandate to wealth platform

ANDREW MCKEAN  |  MONDAY, 8 APR 2024
Hejaz has appointed wealth fintech Openmarkets to equip its in-development Shariah-compliant investment platform with trading and execution technology solutions. Openmarkets will support the platform with API-led market infrastructure technology, enabling ...

CSLR kicks off, 2k await compensation

KARREN VERGARA  |  TUESDAY, 2 APR 2024
... there was very limited, if not any source of compensation for those people who've experienced some form of financial harm," he said. For the first year of operations, the CSLR levy is estimated to cost $4.8 million to cover the period from April ...

ASIC warns it can't take action on every case of misconduct

ELIZA BAVIN  |  THURSDAY, 21 MAR 2024
... should not be regarded as endorsement or agreement," Kirkland said. "Rather, we take action where we see the most serious harm - or a risk of it - and in cases most likely to send a strong message of deterrence to others." Kirkland said regardless of ...

Financial services class actions surge

JAMIE WILLIAMSON  |  WEDNESDAY, 20 MAR 2024
... for income protection cover by default. A couple of days earlier a class action was filed against IC Markets for consumer harm caused by offering retail investors the ability to trade CFDs. In October 2023, a class action was filed against BT Funds Management ...
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