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ASIC: Westpac To Remediate Customers For Failure To Pass On Important Corporate Action Information Date 02/07/2021 Westpac has committed to remediating customers whose financial advisers may have failed to notify them of corporate actions between 2005 and 2019. Westpac estimates approximately $87m will be paid in compensation to affected customers who are former clients of Westpac’s advice businesses and held ASX-listed securities through platforms. Corporate actions cover a range of activities by publicly listed companies, including buy backs, renounceable and non-renounceable rights ...

Association ‘not convinced’ on disciplinary panel Association ‘not convinced’ on disciplinary panel An industry body has pointed to a number of issues with the composition and resourcing of the government’s forthcoming adviser disciplinary panel, suggesting it is likely to lead to enforcement outcomes largely dictated by the corporate regulator. A A In its submission to the government’s consultation on the single disciplinary body, the AFA said provisions in the legislation allowed members to be appointed to the Financial Services and Credit Panel – which currently sits inside A...

PwC to overhaul ASIC’s structure Jun 9, 2021 – 10.34am Save Share The leaders of the Australian Securities and Investments Commission are braced for a restructure after new chairman Joe Longo tapped consultants PwC to review the regulator. Mr Longo, who formally took over from James Shipton at the start of this month, has also set up his own office of the chairman to help stamp his authority on the corporate watchdog. Appearing at a Senate Estimates committee last week, Joe Longo said he believed ASIC’s “strength and effectiveness as an institution can be enhanced”.Â...

The House economics committee has further questioned the prudential regulator around the legality of an industry super fund allegedly using member funds to pay off remediation costs as a result of fee

Former financial advisor Ross Andrew Hopkins has been sentenced to a maximum period of six years’ imprisonment, with a non-parole period of four years, after he was found to have misappropriate