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Regulatory

Australian Unity lashed by ASIC over TMD questionnaire

JAMIE WILLIAMSON  |  THURSDAY, 6 JUN 2024
Australian Unity Funds Management has been told to stop offering its Select Income Fund, with ASIC saying retail clients are unlikely to understand the questionnaire used to determine whether they would be in the target market.

ASIC cancels AFSL of XTrade

ELIZA BAVIN  |  THURSDAY, 6 JUN 2024
The regulator slammed the derivatives issuer for preying on vulnerable clients, resulting in significant losses.

Block Earner dodges massive fine

KARREN VERGARA  |  WEDNESDAY, 5 JUN 2024
The Federal Court has absolved Block Earner from paying a penalty for trading without a financial services licence, which ASIC believes should have been $350,000.

Equity Trustees hit with fine by APRA

ELIZA BAVIN  |  WEDNESDAY, 5 JUN 2024
Equity Trustees will have until July 3 to pay the $782,500 penalty.

APRA warns entities on adequacy of backup systems

JAMIE WILLIAMSON  |  MONDAY, 3 JUN 2024
APRA has reminded its regulated entities of the need to remain vigilant when it comes to cyber resilience, identifying the use of data backups as a weak spot.

ASIC tells super funds to 'step it up'

ELIZA BAVIN  |  FRIDAY, 31 MAY 2024
ASIC commissioner Simone Constant delivered a stern warning to super fund trustees.

Forged documents see former adviser banned

JAMIE WILLIAMSON  |  THURSDAY, 30 MAY 2024
A former Capstone Financial Planning adviser who forged clients' signatures to steal from them is now permanently banned.

AFCA to expel Dixon Advisory

KARREN VERGARA  |  THURSDAY, 30 MAY 2024
AFCA is set to kick out Dixon Advisory & Superannuation Services as a member over the next few weeks.

ASIC suspends AFSL for six managed investment schemes

ELIZA BAVIN  |  THURSDAY, 30 MAY 2024
The regulator has suspended the licence of a responsible entity of six registered managed investment schemes.

Former Queensland adviser struck off permanently

ANDREW MCKEAN  |  WEDNESDAY, 29 MAY 2024
Former Sunshine Coast financial adviser Brett Gordon has been permanently banned from providing financial services and engaging in credit activities following his conviction for fraud offences last month.