Newspaper icon
The latest issue of Financial Standard now available as an e-newspaper
READ NOW

Regulatory

Industry furious at financial advice swap

AAP & ALICE URIBE  |  THURSDAY, 20 NOV 2014
The financial services industry responded with ire after the Future of Financial Advice (FoFA) laws were demolished in the Senate overnight.

SEC imposes US$4.16bn in penalties

ALEX DUNNIN  |  WEDNESDAY, 19 NOV 2014
The US corporate regulator, the Securities and Exchanges Commission (SEC), won orders for and imposed US$4.16 billion in penalties and disgorgements last year.

ASIC to watch CBA advisers closely

LAURA MILLAN  |  FRIDAY, 14 NOV 2014
The Australian Securities and Investments Commission (ASIC) has appointed a compliance expert to examine the performance of advisers at Commonwealth Financial Planning and Financial Wisdom.

ASIC intervenes non-compliant Aurora listed funds

LAURA MILLAN  |  FRIDAY, 14 NOV 2014
Aurora Funds Management has entered into an enforceable undertaking (EU) with the Australian Securities and Investments Commission (ASIC) after the regulator identified compliance failings in some of its listed investment schemes.

Share trader jailed over $260,000 fraud

LAURA MILLAN  |  MONDAY, 3 NOV 2014
A share trader was jailed for 18 months for fraudulently misappropriating $260,000 from two investors and using the money for his own personal benefit.

ASIC pays commissioners $2.9m in 2014

LAURA MILLAN  |  THURSDAY, 30 OCT 2014
The five top executives at the Australian Securities and Investments Commission (ASIC) will receive a total salary of $2.9 million for 2014, about $10,000 less than in 2013.

APRA releases draft RSE fraud management guide

ALEX DUNNIN  |  MONDAY, 27 OCT 2014
The Australian Prudential Regulation Authority (APRA) has just released for consultation a draft prudential practice guide concerning fraud risk management that Registrable Superannuation Entity (RSE) licensees will be expected to follow.

Accountant pays $10,000 fine for $100,000 fraud

LAURA MILLAN  |  FRIDAY, 3 OCT 2014
A former Perth company director will have to pay a $10,000 fine after inducing a 70-year-old investor to give his business a cheque for $100,000 and then using it for his own purposes.

US insurance agency fined US$200,000

ALEX DUNNIN  |  THURSDAY, 2 OCT 2014
Highlighting how soft are the fines imposed on financial institutions by Australian regulators, in the US the aptly named Consumer Financial Protection Bureau (CFPB) has just ordered an insurance agency to pay US$200,000 for orchestrating illegal referrals.

Misleading PDS costs NAB $10,200

LAURA MILLAN  |  WEDNESDAY, 1 OCT 2014
Making potentially misleading statements in a product disclosure statement (PDS) has seen National Australia Bank (NAB) get a $10,200 penalty from the Australian Securities and Investments Commission (ASIC).