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KPMG has fined seven partners, some as much as $180,000, for misusing confidential client information in May.
ASIC has raised the prospect of criminal charges linked to the Shield Master Fund, after bringing civil penalty proceedings alleging up to $530 million in retirement savings was used for unauthorised purposes.
Investment manager Macquarie is the first to face a class action by investors who sank their super into the Shield and First Guardian Master Funds, with other investigations underway.
Construction PRO
Danish renewables company European Energy has reached financial close on its Mokoan hybrid solar farm and BESS in Victoria, with a non-recourse financing package from Deutsche Bank paving the way for construction to begin on the storage system.
A former MWL Financial adviser has been banned for three years for advising clients to invest most of their super in risky classes of the Shield Master Fund, after ASIC agreed to a reduction in the suspension in proceedings before the ART.
One of the KPMG partners who shared confidential client information has stepped away from the firm’s audit with Westpac and will leave the firm.
A judge has questioned the level of detail in a 1,700-page proposed amended pleading in a shareholder class action over the collapse of fund manager Blue Sky, expressing "frustration" at the amount of unnecessary work that goes on in class actions.
A judge has approved a $120 million settlement in a class action against AMP that followed the banking royal commission, saying while it was a “very disappointing outcome” for group members it was still fair and reasonable.
ASIC's Markets Disciplinary Panel has slapped NAB broker WealthHub Securities with a $1.055 million fine for failing to accurately report regulatory data.
Former ANZ subsidiaries have filed proceedings against three insurers claiming they wrongfully denied coverage for $182 million in compensation and costs relating to financial adviser breaches to retail clients.