The latest issue of Financial Standard now available as an e-newspaper
|The corporate watchdog has kicked off civil penalty proceedings in the Federal Court of Australia against contracts-for-difference and FX broker Forex Capital, as well as its sole director.|
|The Senate Parliamentary Joint Committee, Corporations and Financial Services looking into litigation funding and the regulation of the class action industry sparked a heated debate today.|
|A fourth person has been sentenced to four years imprisonment for their role in a syndicate that allegedly defrauded the Commonwealth of over $105 million.|
|Australia's banks will defer repayments on loans for an additional four months, in a bid to avoid a 'fiscal cliff' in September and aid in the country's economic recovery.|
|A major financial institution has been hit with a US$150 million fine over its relationship with sex offender Jeffrey Epstein.|
|In an action filed in the Federal Court ANZ has been accused of throwing a whistleblower under the bus, paying a fine as "hush money" and "virtue signalling" following ASIC's investigation into ANZ's alleged manipulation of the bank bill swap rate.|
|APRA has imposed licence conditions on Colonial First State Investments Limited to ensure super members' best interests are met, effective immediately.|
|As the new financial year began, Treasurer Josh Frydenberg clarified the stimulus measures the government will use to assist Australians in the recovery from the COVID-19 pandemic.|
|Law firm Slater and Gordon has slammed AMP chief executive Francesco De Ferrari's criticism of litigation funding and class actions, as AMP continues to battle lawsuits sparked by the Royal Commission.|
|The Australian Financial Complaints Authority has reported a 13.7% rise in monthly complaints in the last financial year with most being about superannuation, insurance claims and credit.|
There is a good chance the planned superannuation guarantee increase to 12% will be deferred again as the nation continues to struggle with the effects of COVID-19, according to Mercer senior partner David Knox.
BetaShares' ETF that tracks crude oil futures is once again changing the length of contracts it tracks and is taking extra measures to automatically convert the ETF to all cash if oil futures drop significantly again.
The global fund manager saw its profits tumble 196% following net outflows of close to $19 billion in the first half of this year, resulting in heavy hits to fee and commission income.
Chi-X TraCRs and funds will now be offered on a privately owned wealth management platform, granting financial advisers and their clients access to some of the world's biggest listed companies.
|Brought to you by|
|Keep up to date, don't be the last to know! Get the Financial Standard Daily Newsletter.|