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Regulatory

BBY chief charged with aiding and abetting fraud

KARREN VERGARA  |  TUESDAY, 10 OCT 2023
The former chief executive of stockbroking firm BBY has been charged with several offences which include aiding and abetting fraud and could face lengthy jail time.

Farmers distressed by superannuation tax overhaul

ANDREW MCKEAN  |  THURSDAY, 5 OCT 2023
The National Farmer's Federation (NFF) has voiced strong opposition to the government's draft reforms on tax concessions for superannuation balances over $3 million, signalling potential ramifications for rural communities.

ASIC bans former risk adviser

CASSANDRA BALDINI  |  THURSDAY, 5 OCT 2023
Former insurance adviser John Durant has been banned by the regulator for three years after he was found to have told clients to deposit insurance premiums directly into his personal account.

Provide Capital ordered to produce documents

CASSANDRA BALDINI  |  THURSDAY, 5 OCT 2023
The local subsidiary of TPP Global Investments has been ordered by the Federal Court to produce documents it has so far withheld from ASIC.

Future Fund slapped with new disclosure rules

ANDREW MCKEAN  |  WEDNESDAY, 4 OCT 2023
The Future Fund Board of Guardians will be forced to periodically disclose the investment holdings of the $250 billion sovereign wealth fund.

PwC chief executives hold too much power: Review

CASSANDRA BALDINI  |  THURSDAY, 28 SEP 2023
Too much power has rested in the hands of PwC chief executives, who are elected in a presidential-style campaign and, other than maintaining popularity, have unchecked authority, an independent review has found.

ASIC fines fintech for misrepresenting crypto product

CASSANDRA BALDINI  |  WEDNESDAY, 27 SEP 2023
Local fintech Bobbob has paid $53,280 to resolve infringement notices issued in response to misleading claims it made about a crypto-asset linked investment product.

ANZ hit with $15m penalty for misleading customers

ANDREW MCKEAN  |  TUESDAY, 26 SEP 2023
ANZ Bank has been ordered to pay $15 million by the Federal Court for misleading customers over the funds available to them in select credit card accounts.

APRA moves to ensure improved member outcomes

ANDREW MCKEAN  |  FRIDAY, 22 SEP 2023
APRA is updating Prudential Standard 'Strategic Planning and Member Outcomes' (SPS 515) to enhance member outcomes in superannuation, including requiring trustees to justify business-related expenses.

NAB to pay $2.1m for knowingly overcharging customers

JAMIE WILLIAMSON  |  FRIDAY, 22 SEP 2023
NAB will pay $2.1 million in a fine issued by the Federal Court over knowingly overcharging customers certain fees and failing to tell them.