federal court

Superannuation

Call to place employers under legal obligation on default super

A leading plaintiff law firm has called for employers to be placed under a legal obligation to select the right default superannuation fund for their employees at the sam...

Funds management

ASIC on notice for inaccurate statements

Union Standard International Group may proceed against the corporate watchdog for damages arising from inaccurate statements and a failure to mention key matters regardin...

Financial planning

Westpac hit with $9.15m penalty on best interests

The Federal Court has imposed penalties amounting to $9.15 million on Westpac because of its failure as a licensee with respect to poor financial advice provided by a for...

Life/Risk

ASIC’s TAL case will test insurers’ rights

The Australian Securities and Investments Commission’s Federal Court case against major insurer, TAL, will test the circumstances and extent to which life insurers can ga...

Funds management

ASIC takes action against Marco’s managed investment scheme

The Australian Securities and Investments Commission has taken further steps to wind up Chris Marco’s alleged unregistered managed investment scheme....

Financial planning

Federal Court finds Dover Financial Advisers made false statements

The Federal Court of Australia has found that Dover Financial Advisers made false and misleading statements in client protection policy between September, 2015 and March,...

Policy & Regulation

IOOF board strips Kelaher of deferred shares

The board of IOOF Limited has declared former managing director, Chris Kelaher’s deferred shares forfeit despite the company’s defeat of the Australian Prudential Regulat...

Policy & Regulation

Tax agent loses Federal Court battle to TPB

Former tax agent Rudy Frugtniet has failed in his six year battle against the Tax Practitioners Board to overturn the termination of his registration....

Policy & Regulation

IOOF share price recovers but short of highs

The IOOF share price has recovered sharply following its victory against the Australian Prudential Regulation Authority in the Federal Court but is still well short of it...

Policy & Regulation

IOOF wins in APRA court battle

IOOF Limited has scored a victory over the Australian Prudential Regulation Authority in their court battle stemming from the Royal Commission....

Policy & Regulation

It was a test case insists ASIC

The Australian Securities and Investments Commission has reinforced that its responsible lending action against Westpac was a test case....

Policy & Regulation

Court cracks down on unnecessary liquidator charges

Liquidators should pay heed to a decision from the Federal Court to fix the remuneration of the liquidators of three Adelaide companies at $3.9 million, compared to the $...

Policy & Regulation

Receiver appointed to former OTC derivates issuer

The Australian Securities and Investments Commission will appoint a receiver to former OTC derivatives issuer Berndale Capital Securities, following a successful applicat...

Policy & Regulation

ASIC wraps up Westpoint actions

The last of 19 civil actions brought by ASIC against financial services licensees recommending Westpoint products has wrapped up, with almost $1.5 million being recovered...

Policy & Regulation

ASIC action results in long Federal Court disqualifications

The officers of two companies involved in land banking schemes, one of them a chartered accountant, have received long disqualifications as part of a Federal Court judgem...