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Regulatory

New Year, new APRA

ALLY SELBY  |  FRIDAY, 20 DEC 2019
Like many of us do nearing the end of the year, APRA has taken time for some self-reflection and assessment, identifying three areas it needs to work on next year.

Westpac to pay $9.5m for Corps Act breaches

JAMIE WILLIAMSON  |  THURSDAY, 19 DEC 2019
Westpac has been ordered by the Federal Court of Australia to pay $9.15 million over poor financial advice provided by just one former adviser.

Concerns over cancelled ASFL complaints

ELIZA BAVIN  |  THURSDAY, 19 DEC 2019
ASIC has cancelled the AFSL of KP International Group after the regulator suspended it earlier this year, but concerns remain.

ASIC drags NAB to court for fees-for-no-service

HARRISON WORLEY  |  TUESDAY, 17 DEC 2019
ASIC has launched civil penalty proceedings against NAB in the Federal Court over fees-for-no-service, which the bank continued to charge after the Royal Commission.

YouTube fundie name erased from flagship

ELIZABETH MCARTHUR  |  TUESDAY, 17 DEC 2019
The star UK fund manager who infamously took to YouTube to issue a heartfelt apology for his fund being suspended, has had his name erased from his flagship trust as investment responsibilities are transferred to another manager.

Former Goldman Sachs exec charged over $62m bribery

ELIZABETH MCARTHUR  |  TUESDAY, 17 DEC 2019
Former Goldman Sachs managing director Tim Leissner has been charged with bribery in relation to the high profile 1MDB sovereign wealth scandal.

APRA joins in on Westpac scrutiny

ELIZA BAVIN  |  TUESDAY, 17 DEC 2019
APRA has launched a formal investigation into Westpac for possible breaches of the Banking Act.

Half of all AFSL applications approved

ELIZABETH MCARTHUR  |  MONDAY, 16 DEC 2019
ASIC revealed just 53% of AFSL applications received this year were approved.

CBA underpayments reach $53 million

ELIZA BAVIN  |  MONDAY, 16 DEC 2019
The Commonwealth Bank of Australia will commence payments of a further $14.9 million as employee underpayments surpass $53 million.

ASIC winds up alleged unregistered scheme

ELIZA BAVIN  |  FRIDAY, 13 DEC 2019
ASIC has taken steps to wind up an unregistered managed investment scheme.