Sarah Court

Financial planning

ASIC’s ‘whack-a-mole’ problem with unlicensed advisers

ASIC’s Sarah Court has confirmed the regulator is carrying out systematic work on providers of unlicensed advice but admits it is a case of “whack-a-mole” when it comes t...

Financial planning

Macquarie and Equity Trustees caught up in Shield investigation

ASIC has said it is exploring whether there are concerns regarding Macquarie and Equity Trustees for hosting platforms where investors rolled over their superannuation in...

Financial planning

ASIC spends big on financial advice activity

Financial advisers receive the second-highest expenditure in ASIC’s financial services and wealth division, according to documents, ahead of investment managers and super...

Funds management

How does ASIC determine its greenwashing action?

The corporate regulator has outlined its philosophy in dealing with greenwashing and the by-product of greenhushing, having already reported around 35 of such interventio...

Financial planning

Dixon Advisory’s $7.2m penalty unlikely to ever be paid: ASIC

Appearing at Senate estimates, ASIC deputy chair Sarah Court has claimed the $7.2 million penalty issued to Dixon Advisory was made to send a “deterrent message” as the f...

Funds management

ASIC commences civil penalty proceedings against Westpac

The corporate regulator has commenced civil penalty proceedings against Westpac for failing to respond to 229 customer hardship notices within the required time limit....

Policy & Regulation

Is ASIC litigating enough?

ASIC staff need to consider if they are taking on enough risk in choosing cases to litigate, according to chair Joe Longo, prompting a Senate committee to ask if it shoul...

Superannuation

Statewide Super given $4m penalty

The superannuation fund is the first licensee to have a civil penalty imposed for failing to report breaches to the corporate regulator since its new penalty powers were ...

Financial planning

ASIC launches six legal actions against Westpac

In an unprecedented move, the corporate regulator has launched multiple civil penalty proceedings again the bank for matters including fee-for-no-service for deceased cus...

Financial planning

ASIC will continue to use EUs

The Australian Securities and Investments Commission has said it will bring back the use of the enforceable undertakings....

Financial planning

Former adviser sentenced to jail for early release of super scheme

Ahmed Saad will serve a nine-month prison sentence for illegally allowing clients to withdraw superannuation funds from 2016 to 2017. ...

Life/Risk

ASIC sues MLC Life for multiple insurance failures

The corporate regulator alleges MLC Life Insurance, in some instances, failed to pay life insurance benefits, notify on premium rises or refund premiums, amongst other br...

Superannuation

CFSIL to pay $20m penalty for misleading super members

The Federal Court has ordered Colonial First State Investments Limited to pay a penalty of $20 million for misleading communications with members. ...

Policy & Regulation

Why penalties can’t fund the ASIC levy

If the corporate regulator had funds awarded by penalties put into the financial advice levy it could look like a new revenue stream aimed at players with deep pockets....

Financial planning

NAB to pay $18.5m penalty for fee-for-no-service FDS

The first penalty of its kind, the penalty relates to allegations from the corporate regulator in 2019 that the big four bank issued defective fee disclosure statements t...