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FEDERAL COURT
Financial planning
The corporate regulator has taken ‘ASX Wolf’ Tyson Scholz to the Federal Court with a creditor’s petition after he failed to pay more than $450,000 owed to ASIC. ...
Financial planning
After seeing dwindling numbers of advisers and losing a Federal court case regarding an unpaid AFCA determination, NextGen Financial Group is to be wound up....
Funds management
National Australia Bank has been ordered to pay $2.1 million by the Federal Court, the maximum penalty possible for a single breach of unconscionable conduct....
Financial planning
The Federal Court has handed down a penalty to AMP to pay Equity Financial Planners and Wealthstone, two members of the class action....
Financial planning
Members of the AMP BOLR class action will have to wait longer for information on any potential compensation after an update from the Federal Court....
Financial planning
In a curious aside to ASIC’s appeal of the CBA/Colonial First State judgment, the judge has taken issue with the financial services industry’s use of the term ‘grandfathe...
Financial planning
Former Select AFSL and BlueInc Services managing and sole director, Russell Howden, has had a stay order dismissed by the Federal Court as he awaits the outcome of an app...
Financial planning
From greenwashing allegations and interim stop orders to fines and penalties, Money Management has rounded up all the disciplinary actions faced by firms in the first ha...
Financial planning
NextGen Financial Group has been ordered by the Federal Court to pay $270,000 to an SMSF trustee over an unpaid AFCA determination regarding inappropriate financial advic...
Financial planning
Select AFSL sales agents, which was penalised by the Federal Court last week, undertook a ‘Refer a Friend’ program without the consent of referred persons that caused an ...
Financial planning
The changes brought in to adjust the BOLR policy were ‘simple’ and did not require extended consultation beyond a few days, according to a senior AMPFP executive....
Financial planning
AMP Financial Planning was critically concerned about a possible ‘BOLR run’ of more than 700 practices seeking to exit after the Hayne royal commission, according to Fede...
Financial planning
A failure to provide a valid ‘legislation, economic, or products’ reason to make disproportionate changes to the BOLR policy forms the crux of AMP Financial Planning’s de...
Funds management
Justice Lisa Hespe has fired a shot across the bows at financial institutions regarding the interoperability of their IT infrastructure in her verdict in the ASIC v AMP F...
Financial planning
The Federal Court has ordered Michael Dunjey’s Ascent Investment and Coaching Pty Ltd and its unregistered managed investment scheme, which owe $149 million to clients, b...
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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?...