Promina hit with $100,000 fine
Major financial services house Promina Group has paid a $100,000 fine following an investigation by the Australian Securities and Investments Commission (ASIC) into an alleged failure to comply with the continuous disclosure obligations of the Corporations Act relating to its acquisition by Suncorp Metway.
ASIC announced today that Promina had agreed to pay the fine after being issued with an infringement notice late last month.
ASIC said the payment of the penalty by Promina was the first involving a company with a market capitalisation greater than $1 billion.
The regulator said it had issued the notice because it believed Promina had contravened the continuous disclosure provisions of the Act by failing to inform the Australian Stock Exchange that it had received a proposal from Suncorp Metway to acquire all the ordinary shares in Promina.
AUTHOR
Mike Taylor
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
