SAI Global GRC Community

Building Organizational Integrity.
News >> Asia Pacific

The Australian Securities and Investments Commission (ASIC) has announced that AMP Ltd subsidiary Australian Financial Planning Solutions Pty Ltd has been fined (12 January 2015) A$10,200 for making false or misleading representations in an article that appeared on its website in 2014.

According to ASIC, the article, which was titled "Benefits of a self-managed super fund":

  • "contained misleading and unsubstantiated claims that major retail and industry superannuation funds will experience payout difficulties"; and
  • "misrepresented the taxation implications of self-managed superannuation funds (SMSF), by giving the impression that certain tax benefits only apply to SMSFs, when they actually apply to most superannuation funds".

ASIC's media release (12 March 2015)
(Source: ASIC)

Published in Consumer Protection

Banks Fined for Potentially Misleading Advertising

18 Sep 2014
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has announced that it has fined the following financial services providers for making potentially misleading representations to consumers:

Published in Consumer Protection

Updated Immunity Policy for Cartel Conduct

18 Sep 2014
Written by World Watch

The Australian Competition and Consumer Commission (ACCC) has released the ACCC immunity and cooperation policy for cartel conduct (the Updated Policy) and accompanying frequently asked questions (FAQs) (both dated September 2014).

Published in Competition

Former National Australia Bank Ltd worker Lukas Kamay and former Australian Bureau of Statistics worker Christopher Hill have entered guilty pleas to insider trading and conspiracy charges in relation to their roles in a A$7 million insider trading scheme, one of the largest in Australian history.

Published in Insider Trading

The Australian Communications and Media Authority (ACMA) has announced that it has formally warned 39 telecommunications service providers (undated) for their first-time breaches of cll. 9.3.1(a) (Customer Information Compliance Statement) and 9.4.1(a) (Compliance Attestation) of the Telecommunications Consumer Protections Code (2012) (the TCP Code).

The New Zealand Ministry of Business, Innovation and Employment (MBIE) has announced that Maruia Springs Thermal Resort has "agreed to pay wages to employees it did not pay during work trials". According to the MBIE, the business:

The Federal Court of Australia (FCA) has handed down its judgment in Australian Competition and Consumer Commission v Safe Breast Imaging Pty Ltd (No 2) [2014] FCA 998 (16 September 2014). According to the Australian Competition and Consumer Commission (ACCC), the FCA has fined Safe Breast Imaging Pty Ltd (SBI) and its sole director Joanne Firth A$200,000 and A$20,000 respectively in relation to false representations made by SBI in breach of Schedule 2 (The Australian Consumer Law) to the Competition and Consumer Act (2010) 1974 No. 51 (Cth).

Published in Consumer Protection

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has made available notices (both dated 16 September 2014) setting out its decisions to suspend and commence action to cancel (the Action Notice) the registration of independent remittance provider Bisotel Rieh Pty Ltd (Bisotel Rieh) under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 No. 169 (Cth) (the AML/CTF Act).

Published in Anti-Money Laundering

Launch of Fossil Fuel-free Superannuation Fund

11 Sep 2014
Written by World Watch

Simon Sheikh, the former national director of Australia-based campaign organisation GetUp!, has launched Future Super, an ethical fossil fuel-free superannuation fund with the backing of Bendigo Bank and Grosvenor Pirie. Reportedly, Future Super will remove "harmful activities like tobacco, gambling, live animal exports, armaments and fossil fuels" from its portfolio.

The Land and Environment Court of the Australian State of New South Wales (NSW) has handed down its judgment in Environment Protection Authority v Big Island Mining Pty Ltd [2014] NSWLEC 131 (26 August 2014). According to the NSW Environment Protection Authority (EPA), the Court has ordered Big Island Mining (BIM) to pay a total of $196,000 after the gold mine operator pleaded guilty to "polluting Spring and Majors [c]reeks on three separate occasions in 2013".

Page 1 of 46

© 2015 SAI Global Limited ABN 67 050 611 642




User Registration
or Cancel