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Regulatory

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).

Don't ditch the RET, instos tell Abbott

JAMES FERNYHOUGH  |  TUESDAY, 30 SEP 2014
A group of Australia's biggest institutional investors has written an open letter to Prime Minister Tony Abbott calling on him to maintain the Renewable Energy Target (RET).

Global re-regulation takes shine off investment banks

ALEX DUNNIN  |  MONDAY, 29 SEP 2014
Financial sector stocks are often seen as a safe investment with almost no downside regardless what happens to the world economy, but global re-regulation of finance is causing investment strategists to question whether the tide is turning.

Treasury proposes tax relief for merging super funds

JAMES FERNYHOUGH  |  FRIDAY, 26 SEP 2014
The government finally looks set to provide capital gains taxation relief for merging super funds after years of pressure from the superannuation industry.

ASIC bans person who made false Facebook investment claims

JAMES FERNYHOUGH  |  THURSDAY, 25 SEP 2014
A person from a Sydney-based investment business has been banned from providing financial services after he persuaded investors to invest money with him on the false grounds that he had access to an exclusive deal involving the Facebook initial public ...

FPA rejects FSC adviser regulation plans

ALICE URIBE, LAURA MILLAN  |  WEDNESDAY, 24 SEP 2014
The Financial Planning Association (FPA) has rejected the Financial Services Council's (FSC) proposal to establish a statutory, independent board to oversee advice, saying that there was no need for further regulation, with the mooted board simply "reinventing ...

ASIC bans former Synchron adviser

STAFF WRITER  |  TUESDAY, 23 SEP 2014
The Australian Securities and Investments Commission (ASIC) has banned a former Synchron financial adviser from providing financial services for five years for failing to provide Statements of Advice (SOAs).

Expect more regulation on 'too-big-to-fail': Hockey

LAURA MILLAN  |  MONDAY, 22 SEP 2014
Large financial institutions considered "too big to fail" are likely to be required to have additional protections in case they fail, Treasurer Joe Hockey said at the G20 meeting of Finance ministers in Cairns this weekend.

Westpac fined over misleading statements on annuity product

LAURA MILLAN  |  WEDNESDAY, 17 SEP 2014
Westpac has had to pay a $20,400 penalty for potentially misleading statements on its Westpac Annuity Deposit.

ASIC: Beware fake forex website

MARK SMITH  |  TUESDAY, 16 SEP 2014
ASIC has warned consumers to be wary of a fake website promoting foreign exchange broker, First Forex.