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Regulatory

Blame put on businesses for JobKeeper error

ELIZA BAVIN  |  MONDAY, 25 MAY 2020
Treasury and the Australian Taxation Office have issued a joint statement in relation to the reporting error in the estimates of the number of employees likely to access the JobKeeper program.

Litigation funders will need AFSLs

ELIZABETH MCARTHUR  |  FRIDAY, 22 MAY 2020
Litigation funders will be regulated under the Corporations Act and required to hold an Australian financial services licence, Treasurer Josh Frydenberg announced today.

Banks urged to step up

ELIZABETH MCARTHUR  |  FRIDAY, 22 MAY 2020
Reserve Bank of Australia governor Philip Lowe and APRA chair Wayne Byres have called on the big banks to support the Australian COVID-19 recovery, rather than their shareholders.

From fines to prosecution: The penalties are in

ELIZA BAVIN  |  THURSDAY, 21 MAY 2020
The Australian Taxation Office has provided insight as to the penalties that will apply to Australians who have accessed the Early Release of Super scheme despite not being eligible.

ASIC revokes AFSL suspension, cancels another

ELIZA BAVIN  |  TUESDAY, 19 MAY 2020
ASIC has cancelled the AFSL of a financial services provider and revoked its suspension of a separate AFSL.

Westpac admits to failures

ELIZABETH MCARTHUR  |  MONDAY, 18 MAY 2020
On Friday, Westpac filed its defence in the Federal Court in relation to proceedings brought by AUSTRAC regarding alleged breaches of anti-money laundering and counter terrorism financing laws.

ASIC secures $160m in remediation over junk credit insurance

ALLY SELBY  |  THURSDAY, 14 MAY 2020
ASIC has announced it has secured $160 million in remediation for consumers sold junk credit insurance from 11 major banks and lenders between 2011 and 2018.

Adviser guilty of misuse of client money

ELIZA BAVIN  |  THURSDAY, 14 MAY 2020
Former financial adviser Anthony Dick pleaded guilty to 11 counts of dishonestly using his clients' money for his own personal use.

Compliance crackdown, consultations on horizon: ASX

ALLY SELBY  |  TUESDAY, 12 MAY 2020
The chief compliance officer of the ASX has revealed the stock exchange is continuing to focus on advisers gouging fees during the COVID-19 crisis, and revealed the several consultations it has on the horizon.

Government delays RC implementation timeline

HARRISON WORLEY  |  MONDAY, 11 MAY 2020
The government has deferred the implementation of Royal Commission recommendations by six months.