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Regulatory

UK to ban cold calling on all financial products

JAMIE WILLIAMSON  |  FRIDAY, 5 MAY 2023
The UK is planning to ban cold calling on all financial products as part of a broader strategy for tackling scams.

SEC charges duo over church-based fraud

JAMIE WILLIAMSON  |  FRIDAY, 5 MAY 2023
A man and his father-in-law were charged by the US regulator for running a $30 million Ponzi scheme in which they targeted churchgoers, gaining their trust with claims their wealth and success was due to divine intervention.

FAAA suggests adviser pathway tweaks

CHLOE WALKER  |  FRIDAY, 5 MAY 2023
The Financial Advice Association Australia (FAAA) has supported the government's experienced adviser pathway proposal, though suggests the measure be better targeted.

Issuers must lift DDO game: ASIC

CASSANDRA BALDINI  |  THURSDAY, 4 MAY 2023
The regulator issued a warning to investment product issuers after a review found woeful compliance in meeting the design and distribution obligations (DDO).

Finfluencer receives jail sentence

CASSANDRA BALDINI  |  THURSDAY, 4 MAY 2023
A finfluencer who used social media to manipulate the share price of 20 different listed stocks was handed jail time and a $40,000 fine.

FCA simplifies listing rules to attract global companies

ANDREW MCKEAN  |  WEDNESDAY, 3 MAY 2023
The Financial Conduct Authority (FCA) has proposed reforms to simplify listing rules, positioning the UK to attract a wider range of companies.

Ord Minnett cops $888k fine over buyback

JAMIE WILLIAMSON  |  WEDNESDAY, 3 MAY 2023
ASIC's Market Disciplinary Panel handed Ord Minnett an $888,000 infringement notice over two contraventions of market integrity rules which occurred when conducting a buyback.

Skynet fraudster terminated by ASIC

JAMIE WILLIAMSON  |  FRIDAY, 28 APR 2023
The regulator issued a permanent ban to the director of Melbourne's Skynet Financial Services for stealing his clients' retirement savings to fund a lavish lifestyle and pay personal debts.

Former adviser jailed for six years

JAMIE WILLIAMSON  |  WEDNESDAY, 26 APR 2023
A former financial adviser was sentenced to six years behind bars for committing a $650,000 fraud, using clients' SMSF savings to pay off his personal debts.

Ascent Investment ordered into liquidation

KARREN VERGARA  |  WEDNESDAY, 26 APR 2023
The Federal Court has ordered Ascent Investment and Coaching to be wound up following ASIC's investigation into a $149 million Ponzi scheme.