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ANZ fined $900k over shares disclosure failure

CHLOE WALKER  |  MONDAY, 11 DEC 2023
The Federal Court has slapped ANZ with a $900,000 fine for breaching its continuous disclosure laws about eight years ago.

APRA flags premium volatility in superannuation group life insurance

ANDREW MCKEAN  |  FRIDAY, 8 DEC 2023
APRA has lifted the lid on the key sustainability challenges of group life insurance in superannuation, notably premium volatility and data availability.

Adviser with Investport links sees ban affirmed

JAMIE WILLIAMSON  |  THURSDAY, 7 DEC 2023
A financial adviser who failed to act in her clients' best interests by recommending they invest in the Investport scheme she was receiving loans from has seen her two-year ban affirmed by an appeals tribunal.

Final QAR reforms open door to super funds

CASSANDRA BALDINI  |  THURSDAY, 7 DEC 2023
In its final response to the Quality of Advice Review (QAR), the government plans to modernise the best interests duty and the Statement of Advice (SoA), while also granting approval for superannuation funds to provide personal advice.

Nomura offshoot fined by ASIC disciplinary panel

JAMIE WILLIAMSON  |  THURSDAY, 7 DEC 2023
ASIC's Markets Disciplinary Panel (MDP) has fined a Nomura subsidiary almost $700,000 for failing to comply with market integrity rules.

ASIC curbs high-risk offers from online trading providers

ANDREW MCKEAN  |  WEDNESDAY, 6 DEC 2023
ASIC has identified a trend among some online trading providers, presenting high-risk investment opportunities to retail investors, a shift emerging amid the fluctuating market conditions and the decline in retail trading activity post-pandemic.

Morningstar cops greenwashing fine

KARREN VERGARA  |  FRIDAY, 1 DEC 2023
ASIC slapped Morningstar with a fine for allegedly exposing investors to controversial weapons companies after proclaiming that its environmental, social, and governance (ESG) policy strictly excludes such investments.

FCA mulls capital requirements for firms giving bad advice

ANDREW MCKEAN  |  THURSDAY, 30 NOV 2023
The UK's Financial Conduct Authority (FCA) has proposed mandating personal investment firms, commonly known as investment advisers, to pre-emptively calculate and secure sufficient capital for potential redress liabilities.

Former adviser convicted over false documents

CHLOE WALKER  |  THURSDAY, 30 NOV 2023
Former financial adviser David Fong and his practice Fong Financial Planners have been convicted and sentenced in a Perth court for three counts of dishonest conduct.

OnePath cops $5m fine over fees for no service

CASSANDRA BALDINI  |  THURSDAY, 30 NOV 2023
The Federal Court has imposed a $5 million penalty on OnePath Custodians for unlawfully deducting adviser service fees from members.