ASIC has told a judge AMP should face a $17.5 million penalty for deducting $356,000 from customers’ superannuation accounts for advice they never received, saying the wealth manager had shown “no real contrition” for its conduct.
A judge has fined superannuation fund promoter MobiSuper and licensee ZIB Financial $250,000 for misleading marketing calls.
The former legal representatives of James Mawhinney have hit back at allegations of incompetence by the embattled Mayfair 101 founder on the last day of his appeal against decisions that saw him banned from soliciting funds or promoting any financial product for 20 years.
Westpac and the lead applicant in a class action filed in the wake of AUSTRAC proceedings are still battling it out over discovery of evidence three years into the case. And the applicant claims the bank’s discovery protocol fails the new test set by the Full Federal Court earlier this year.
Failed asset manager Blue Sky Alternative Investments has been served with a class action over the company’s alleged overstated financial reports between 2016 and 2018 that also targets nine former directors as well as auditors Ernst & Young.
The founder of beleaguered investment group Mayfair 101, James Mawhinney, has argued that multiple law firms failed to advise him of the privilege against self-exposure to penalty in proceedings brought by the corporate regulator, which saw him banned from soliciting funds or promoting any financial product for 20 years.
A Federal Court judge has recused himself from hearing a fraud trial against Forum Finance, after expressing that he had an “unfavourable” impression of director Vince Tesoriero’s reliability as a witness.
A judge has raised concerns that AMP Financial Planning has not compensated customers for allegedly failing to prevent life insurance churning, directing the firm to explain the “vanishingly small” number of people who have been remediated.
AMP has admitted ASIC’s allegations that it acted unconscionably in charging life insurance premiums and advice fees to deceased customers, but the wealth manager will go head to head with the regulator over how much it should pay for its contraventions.
The director of a money transfer business accused of fixing foreign exchange rates has filed a defence attacking the credibility of the federal prosecutor’s key witness, but his new lawyer says the attack might not be maintained at trial.