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Regulatory

ASIC: Former Bell Potter adviser charged

RACHEL DAVIS  |  WEDNESDAY, 28 SEP 2011
A former Bell Potter Securities employee has been charged with five counts of dishonest conduct involving more than $1.8 million, following an ASIC investigation.

Carbon Tax bill to result in pension income rise

MATT WOODINGTON  |  TUESDAY, 27 SEP 2011
Superannuation investors aged between 55 and 59 are set to receive a tax-free income boost if Carbon Tax relief measures are implemented, according to MLC Technical Services.

ASIC obtains Fed Court order to preserve funds

ELISE BURGESS  |  WEDNESDAY, 21 SEP 2011
ASIC has obtained urgent orders from the Federal Court to preserve invested funds in a Brisbane-based mutual fund operating without a licence, according to the regulator.

ASIC bans former Citibank manager

RACHEL DAVIS  |  TUESDAY, 20 SEP 2011
ASIC has permanently banned a former Citibank manager from providing financial services after an investigation found she conducted over 30 transactions without client authorisation.

UBS $2bn rogue trader in custody

RACHEL DAVIS  |  FRIDAY, 16 SEP 2011
A 31-year-old UBS trader has been arrested in London on suspicion of fraud by abuse of position, resulting in a US$2 billion loss for the Swiss bank. The news, breaking three years to the day after the collapse of Lehman Brothers, has put UBS trading ...

ASIC opens dialogue with hedge funds

RACHEL DAVIS  |  THURSDAY, 15 SEP 2011
Greg Medcraft told the AIMA Australian Hedge Fund Forum in Sydney that greater regulatory focus on the hedge fund industry is a post-GFC fact of life, but that it is part of a new dialogue.

ASIC surveillance sharpens focus on AFS licensees

MATT WOODINGTON  |  TUESDAY, 13 SEP 2011
Financial services licensees must effectively monitor business models for possible conflicts of interest and prioritise training and supervision of advisers, said ASIC, as part of plans to raise standards in the advice industry and hold gatekeepers to ...

ASIC warns CFOs after Westpoint sentencing

MATT WOODINGTON  |  MONDAY, 12 SEP 2011
The Australian Securities and Investments Commission reminded the industry of its legal responsibilities after former Westpoint chief financial officer Graeme Rundle received an 18-month suspended sentence.

ASFA calls for rethink on contribution caps

MATT WOODINGTON  |  FRIDAY, 9 SEP 2011
Government policy on concessional contribution caps is causing significant difficulties to super funds members, according to The Association of Superannuation Funds of Australia.

Trio directors accept APRA suspension

ELISE BURGESS  |  FRIDAY, 9 SEP 2011
Trio Capital directors, Rex Phillpott and David Andrews, have conceded to APRA that with the benefit of hindsight they should have acted differently and regret their actions, with the regulator accepting an enforceable undertaking from the pair.