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Regulatory

ASIC drags CFS to court over MySuper

ELIZABETH MCARTHUR  |  TUESDAY, 17 MAR 2020
ASIC has commenced civil proceedings in the Federal Court against Colonial First State, alleging that it engaged in misleading communication with members.

Afterpay coughs up $1.5m over US loans

ALLY SELBY  |  TUESDAY, 17 MAR 2020
Afterpay has settled with a California financial services regulator over allegations it was offering illegal loans in the state without a licence.

CBA in court over RC case studies

ELIZABETH MCARTHUR  |  MONDAY, 16 MAR 2020
ASIC has commenced proceedings against Commonwealth Bank over the AgriAdvantage Plus package and credit services provided to problem gamblers.

Financial regulators poised for action

HARRISON WORLEY  |  MONDAY, 16 MAR 2020
Australia's financial regulators stand ready to take a range of actions to ensure the effective operation of financial markets, including the relaxation of some regulatory requirements and the acceleration of outstanding customer remediation.

Westpac hit with another class action

ELIZA BAVIN  |  FRIDAY, 13 MAR 2020
Westpac confirmed it has been hit with another class action relating to the AUSTRAC scandal.

ATO cracks down on HNWs

ELIZA BAVIN  |  THURSDAY, 12 MAR 2020
The Australian Taxation Office has announced it will be expanding its Tax Avoidance Taskforce and introducing a new program targeting high wealth private groups.

Early access to super scheme results in permanent ban

ELIZABETH MCARTHUR  |  WEDNESDAY, 11 MAR 2020
ASIC has permanently banned the man behind Superfunded, an illegal early access to superannuation scheme in Perth.

Foreign fund managers granted licensing relief

HARRISON WORLEY  |  WEDNESDAY, 11 MAR 2020
Overseas fund managers are set to be exempt from requiring an Australian financial services licence for the purposes of convincing professional investors to become a client.

Florida fraudster swindles investors out of $60 million

ALLY SELBY  |  WEDNESDAY, 11 MAR 2020
A Florida-based investment adviser scammed at least 30 investors out of $60 million (US$39 million), and put the funds straight into his own pocket.

Lack of independence must be made clear: ASIC

ELIZA BAVIN  |  TUESDAY, 10 MAR 2020
Financial advisers will need to provide every retail client a written statement explaining "simply and concisely" why they are not independent, impartial and unbiased; if ASIC's draft recommendations for advice fees are adopted.