Guidance for firms Many mortgage borrowers face higher mortgage payments alongside other increases in the cost of living. Borrowers may approach lenders needing or wanting to reduce, or smooth increases in, their monthly payments. This guidance explains how firms can support their customers including through automated processes and digital channels. It sets out the flexibility...
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FCA publishes Decision Notices against three bond traders for market manipulation
The FCA has decided to ban Mr. Urra, Mr. Lopez Gonzalez, and Mr. Sheth from performing any functions in relation to regulated activity. The FCA has also imposed fines of £395,000 on Mr. Urra and £100,000 each on Mr. Lopez Gonzalez and Mr. Sheth. The traders, who worked at Mizuho International Plc at the time,...
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Former financial advisor Ashley Grant Howard convicted for fraud
Ashley Grant Howard, of Hobart, Tasmania has been convicted, after pleading guilty before the Downing Centre Local Court, to two charges of using false documents to obtain a financial advantage or cause a financial disadvantage. Between July 2013 and April 2014, Mr. Howard used false off-market transfer forms to transfer shares in GPS Alliance Holdings...
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FCA outlines stronger rules to protect consumers from rogue financial promotions
The FCA has today outlined new checks for those firms which want to approve financial promotions. The new measures will require firms to demonstrate they have the right expertise for the promotions they wish to approve. Under current legislation, any FCA-authorised firm is allowed to approve financial promotions on behalf of other firms that are...
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ASIC suspends AFS licence of Quantum Funds Management Limited
ASIC has suspended the Australian financial services (AFS) license of Quantum Funds Management Limited (QFML) until 15 October 2023. QFML is the responsible entity of the following registered managed investment schemes: Quantum Mortgage Trust (ARSN 095 909 096) Quantum Residential Property Trust (ARSN 1695 569 335) Quantum USA Residential Property Fund (ARSN 150 434 138),...
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ASIC takes civil penalty action against American Express Australia in first court case alleging breaches of design and distribution obligations
ASIC has commenced proceedings in the Federal Court against American Express Australia Limited (Amex), in ASIC’s first civil penalty case alleging breaches of design and distribution obligations. The case concerns two credit cards issued by Amex that were co-branded with retailer David Jones (the credit cards). Under the design and distribution obligations, Amex was required...
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Federal Court upholds ASIC’s appeal on John Gilliland
The Federal Court has set aside a decision of the Administrative Appeals Tribunal (AAT) not to disqualify John Gilliland’s self-managed super fund (SMSF) auditor registration. Following an appeal by ASIC, the Court found that general deterrence is a relevant consideration in deciding whether to disqualify a person as an approved SMSF auditor under section 130F...
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Insurance providers warned not to undervalue cars or other insured items when settling claims
Insurance firms have been warned not to undervalue cars and other insured items when settling insurance claims, especially during the cost of living squeeze. The Financial Conduct Authority (FCA) has seen evidence that some consumers who have had their cars written off after an accident are being offered by their insurance providers a price lower...
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ASIC issues infringement notices against investment manager for greenwashing
ASIC has issued three infringement notices to investment manager Vanguard Investments Australia Ltd (Vanguard) in further action against alleged greenwashing. ASIC was concerned that Product Disclosure Statements for the Vanguard International Shares Select Exclusions Index Funds (the Vanguard Funds) may have been liable to mislead the public by overstating an exclusion, otherwise known as an...
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Scam alert: Scammers fraudulently stating ASIC will guarantee their bonds
Scam alert: Scammers fraudulently stating ASIC will guarantee their bonds Scammers are using ASIC’s name and logo to issue fake bond documents to investors, holding out that ASIC will ‘guarantee’ their bonds. The scammers are targeting overseas residents and are pretending to be Australian financial services (AFS) licensees. ASIC will never provide a guarantee for...
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