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Regulatory

Westpac facing new class action

ELIZA BAVIN  |  MONDAY, 3 FEB 2020
Westpac is facing a new class action over issues connected to the bank's monitoring of financial crime and the recent AUSTRAC scandal.

The PDS is weak: Rice Warner

ELIZABETH MCARTHUR  |  MONDAY, 3 FEB 2020
New insights from Rice Warner claim product disclosure statements are weak in their ability to actually inform or protect consumers.

Amish community scammed

ELIZABETH MCARTHUR  |  MONDAY, 3 FEB 2020
An alleged fraudulent investment scheme has targeted the Amish community in the US, with the Securities and Exchange Commission now bringing charges.

Regulators should face consequences for non-compliance: FSC

HARRISON WORLEY  |  FRIDAY, 31 JAN 2020
The Financial Services Council is calling for ASIC and APRA to face consequences for failing to cooperate with one another.

AMP urged to mediate with advisers

ELIZA BAVIN  |  FRIDAY, 31 JAN 2020
The Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has urged AMP to formally commit to mediation as it moves to exit up to 250 financial planning businesses.

ASIC bans former Godfrey Pembroke adviser

HARRISON WORLEY  |  THURSDAY, 30 JAN 2020
A financial adviser who recommended his clients invest in a start-up company which crumbled a year later has been banned from the financial services industry for six years.

FPA calls for axe to fall on stamping fees

HARRISON WORLEY  |  WEDNESDAY, 29 JAN 2020
The peak body for financial planners has moved to reiterate its stance against non-client directed fees in financial advice, as consultation opens into the government's review of stamping fees.

UK regulator fined for pension failure

HARRISON WORLEY  |  TUESDAY, 28 JAN 2020
The UK's financial conduct regulator has been hit with a fine for failing to comply with requirements to include sufficient information in a chair's statement to members of its staff pension plan.

Ponzi scheme rakes in almost $1.5bn

HARRISON WORLEY  |  TUESDAY, 28 JAN 2020
A California-based couple has been charged by the US Securities and Exchange Commission for allegedly running a Ponzi scheme worth just under $1.5 billion (USD$1billion).

Government opens BEAR extension consultation

HARRISON WORLEY  |  THURSDAY, 23 JAN 2020
More than a year after it was recommended by Commissioner Kenneth Hayne, the government has taken steps to extend the Banking Executive Accountability regime to include super funds and other APRA-regulated entities.