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Regulatory

ASIC puts investment managers on notice over valuations

ANNABELLE DICKSON  |  TUESDAY, 11 AUG 2020
The corporate regulator is ramping up its focus on reviewing valuation practices amongst investment managers to ensure they are reliable during the pandemic.

AFP charges early release scammers

ELIZABETH MCARTHUR  |  MONDAY, 10 AUG 2020
The Australian Federal Police have charged three people with allegedly submitting false claims to gain early access to superannuation under the new COVID-19 measures.

APRA reopens for licences

ANNABELLE DICKSON  |  MONDAY, 10 AUG 2020
APRA will recommence issuing banking, insurance and superannuation licences after suspending the issuing of new licences due to the challenges new entrants would have been faced in light of economic uncertainty.

Class action over YouTube fundie fallout

ELIZABETH MCARTHUR  |  FRIDAY, 7 AUG 2020
UK investment giant Hargreaves Lansdown is facing a potential class action over its alleged promotion of Neil Woodford's funds.

Super funds slapped over smoker premiums

ALLY SELBY  |  FRIDAY, 7 AUG 2020
AMP, Colonial First State, Equity Trustees, IOOF, Intrust, Netwealth and Suncorp have been caught out by the corporate watchdog for wrongfully assigning 'smoker' statuses to new members, with only four of the aforementioned businesses set to refund members.

Pershing convicted for client breaches

ANNABELLE DICKSON  |  THURSDAY, 6 AUG 2020
Pershing Securities Australia has become the first company in Australia to be criminally prosecuted over breaching client money obligations.

UK competition watchdog blocks merger

ANNABELLE DICKSON  |  THURSDAY, 6 AUG 2020
The Competition and Markets Authority (CMA) has blocked the merger of retail investment platforms FNZ and GBST due to fears of it leading to higher costs for investors.

Adviser jailed over $2m Ponzi scheme

JAMIE WILLIAMSON  |  TUESDAY, 4 AUG 2020
A former financial adviser and licensee director has been sentenced to six years' imprisonment for misappropriating close to $2 million for his own use.

Another sentenced in ATO fraud

ELIZA BAVIN  |  MONDAY, 3 AUG 2020
A man has been sentenced to over seven years in jail for his role as principal conspirator in a syndicate alleged to have defrauded the Commonwealth of more than $105 million over three years.

Watchdog warns of celebrity-endorsed bitcoin scams

ALLY SELBY  |  THURSDAY, 30 JUL 2020
ASIC has uncovered several cryptocurrency scams using Australian celebrities, prominent news sites, and government agencies to reel in investors.