penalties

Financial planning

Aussie banks rank second in financial penalties

Australian banks accounted for the second-highest financial penalties in 2020, just after American banks, with total fines reaching $981.06 million, according to Finbold....

Policy & Regulation

ATO to use more education directives

The tax office is imposing more educational directives where self-managed superannuation fund members have breached regulatory contraventions in a bid to prevent reoffend...

Policy & Regulation

Who ASIC chose to receive penalty millions

A key document tabled after questioning by a Parliamentary Committee has revealed who the major beneficiaries were of the millions of dollars extracted by the Australian ...

Policy & Regulation

Royal Commission transgressors face stiffer penalties

The Australian Securities and Investments Commission has been handed tougher penalties with which to pursue people referred to it by the Royal Commission....

Policy & Regulation

Govt moves to double financial services penalties

The Federal Government is moving to introduce legislation which will have the effect of doubling the criminal and civil penalties which can be imposed against both corpor...

Policy & Regulation

ASIC signals litigious intent

The Australian Securities and Investments Commission has signalled the likelihood that it will become significantly more litigious in the wake of the Royal Commission....

Policy & Regulation

Government boosts penalties for misconduct

The Turnbull Government will strengthen criminal and civil penalties for corporate and financial misdeeds, following revelations of staggering misconduct in this week’s R...

Financial planning

CBA pays $180k breach penalties

The Commonwealth Bank of Australia has paid $180,000 for four infringement notices for breaches of responsible lending law....

Policy & Regulation

CommSec pays $700k infringement penalty

CommSec paid a penalty of $700,000 to comply with two infringement notices and voluntarily refunded $1.1 million in brokerage to over 25,000 clients....