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Regulatory

Westpac settles two class actions

KARREN VERGARA  |  FRIDAY, 30 OCT 2020
Westpac has agreed to settle two separate class actions relating to anti-money laundering breaches and rate rigging initiated in the US for undisclosed amounts.

SMSF fraudster charged

ANNABELLE DICKSON  |  THURSDAY, 29 OCT 2020
A Brisbane man has been found guilty in the District Court of six counts of fraud in obtaining funds from SMSF investors.

ASIC's Chester spills Crennan truth

ANNABELLE DICKSON  |  WEDNESDAY, 28 OCT 2020
ASIC deputy chair Karen Chester brought to light discrepancies in Daniel Crennan's resignation statement in front of a senate hearing, clarifying the dates that he found out about the issues that led to his resignation.

Financial crime victims fume at Shipton, Crennan

ELIZABETH MCARTHUR  |  WEDNESDAY, 28 OCT 2020
The Victims of Financial Fraud (VOFF) group have written to senators slamming ASIC chair James Shipton for ignoring their requests for help but finding "time to submerge his own head in the trough allegedly at taxpayer expense".

Federal Court freezes investment scam, winds up SMSF operator

ANNABELLE DICKSON  |  TUESDAY, 27 OCT 2020
The Federal Court has frozen the funds of a suspected investment scammer and ordered the winding up of two unlicensed financial services businesses, upon referral from the Australian Securities and Investments Commission (ASIC).

DDO top of ASIC's agenda

ELIZA BAVIN  |  TUESDAY, 27 OCT 2020
Design and distributions obligation (DDO) reforms may have been pushed back to October next year as a result of COVID-19 but ASIC said it is top of the priority list for 2021.

ASIC chair steps aside pending pay review

JAMIE WILLIAMSON, KANIKA SOOD, ELIZABETH MCARTHUR  |  FRIDAY, 23 OCT 2020
ASIC chair James Shipton has stepped aside pending the outcome of a review into his remuneration arrangements.

ASIC to curb huge CFD losses

KARREN VERGARA  |  FRIDAY, 23 OCT 2020
The corporate regulator is stepping in to prevent retail investors losing millions of dollars from trading highly risky contract for difference (CFDs) instruments.

NAB adds to wealth client remediation

ANNABELLE DICKSON  |  FRIDAY, 23 OCT 2020
National Australia Bank has added to its existing $2 billion bill for customer remediation, upping its provisions for wealth clients ahead of its full year results.

Bendigo and Adelaide Bank overstates liquidity

ANNABELLE DICKSON  |  THURSDAY, 22 OCT 2020
The Australian Prudential Regulation Authority (APRA) has imposed an independent review into Bendigo and Adelaide Bank's liquidity after it failed to comply with liquidity standards.