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Regulatory

Foreign exchange brokers banned

ANNABELLE DICKSON  |  THURSDAY, 18 MAR 2021
The corporate watchdog has banned the sole director and four employees of contracts-for-difference and FX broker Forex Capital Trading from providing financial services.

Trading platform slapped with licence conditions

KARREN VERGARA  |  MONDAY, 15 MAR 2021
A trading platform was slapped with additional conditions from ASIC for several compliance failures.

Chances of CBA admitting to Essential Super wrongdoing "non-existent"

JAMIE WILLIAMSON  |  FRIDAY, 12 MAR 2021
Lawyers for Commonwealth Bank and Colonial First State in its ongoing case against ASIC have told the court the parties have no intention of admitting to any contraventions in relation to Essential Super and an alleged $22 million in conflicted remuneration.

APRA closes Westpac probe

ELIZA BAVIN  |  FRIDAY, 12 MAR 2021
APRA has closed its investigation into possible breaches of the Banking Act 1959, including the Banking Executive Accountability Regime (BEAR), by Westpac.

Mawhinney not dishonest, just irresponsible: ASIC

ELIZABETH MCARTHUR  |  FRIDAY, 12 MAR 2021
The corporate regulator has slightly softened its accusations against Mayfair 101 founder James Mawhinney - saying he wasn't consciously dishonest, just irresponsible.

Pandemic boosts scam complaints

ANNABELLE DICKSON  |  THURSDAY, 11 MAR 2021
The onset of COVID-19 led to a sharp increase in the number of scam-related financial complaints, according to new data from the Australian Financial Complaints Authority (AFCA).

Court makes orders in ASIC versus TAL

KANIKA SOOD  |  WEDNESDAY, 10 MAR 2021
The Federal Court yesterday made orders in ASIC's December 2019 case against TAL, which stems from a Royal Commission case study.

ASIC pursues criminal charges in super

JAMIE WILLIAMSON  |  WEDNESDAY, 10 MAR 2021
ASIC has outlined its ongoing body of work in the superannuation space, confirming it has compiled two briefs of evidence in support of criminal charges with the Commonwealth Director of Public Prosecutions and is undertaking more than 20 enforcement ...

Former adviser charged over fabricated information

JAMIE WILLIAMSON  |  FRIDAY, 5 MAR 2021
The former financial adviser, who has previously worked for Westpac, Fortnum Private Wealth and Libertas Financial Planning, was charged with 16 offences related to fabricating evidence with hopes ASIC would stop looking into him.

ASIC takes Statewide Super to court

JAMIE WILLIAMSON  |  THURSDAY, 4 MAR 2021
Just days after taking action against Rest, ASIC has alleged Statewide Super charged insurance premiums to members who didn't hold group cover.