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FEDERAL COURT
Financial planning
Former wealth firm director Joshua Fuoco has been convicted of contempt of court, sentenced and permanently banned from being involved in financial services after breachi...
Financial planning
A subsidiary of Australia’s second-largest advice licensee Count has successfully defended a class action in Federal Court regarding a self-managed superannuation fund....
Financial planning
Advisers at DOD Bookkeeping, which received an $11 million penalty last week, received as much as 40 per cent of their remuneration via a bonus when clients purchased a p...
Financial planning
ASIC has been granted permission to shut down almost 100 websites running investment scams, with the Federal Court describing how its victims were “fattened like pigs to ...
Financial planning
A group of 31 victims of Melissa Caddick have agreed to an in-principle settlement with the auditors engaged to conduct annual audits of their SMSFs....
Policy & Regulation
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding a...
Financial planning
ASIC has cancelled the AFSL of a Queensland-based advice firm and is aware it had recommended investments that included the now-liquidated Global Capital Property Fund an...
Financial planning
The regulator has cancelled the AFSL and credit licence of liquidated Ultiqa Lifestyle Promotions following a $19,000 unpaid AFCA determination that was paid by the CSLR....
Financial planning
Court details show the extent of an “advice model” run by United Global Capital that justified its winding up earlier this month....
Funds management
Financial penalties are typically meant to act as a deterrent against misconduct but how does a court decide a suitable size when the company has over $14 trillion in ass...
Funds management
Vanguard has been issued with a penalty by the Federal Court for making false and misleading statements about its ethically conscious fund....
Financial planning
A judge has dismissed an appeal by former Linchpin Capital Group director Peter Daly against a $150,000 penalty for breaching his duties as a director....
Financial planning
A former AMP adviser told the Federal Court how they are scared to turn off their phone after a fellow adviser attempted suicide as Justice McElwaine said the 92 objectio...
Financial planning
An alleged involvement with an insurance claims business has led the Federal Court to vary the orders of a banned adviser to add the threat of jail time....
Financial planning
A judge has frozen the assets of former Keystone director Paul Chiodo’s company and ruled in ASIC’s favour that administrators can be appointed to wind up the firm. ...
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MARKET INSIGHTS
Podcast
Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...
It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...
So we are now underwriting criminal scams?...