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This edition of the Update covers: Recent legal and regulatory developments, including guidance to APRA-regulated entities following the cyber attacks on Medibank and...
In its first DDO civil penalty action against a distributor of financial products, ASIC is taking Firstmac to court for allegedly breaching design and distribution obligations. The financial regulato
The Corporate Regulator has commenced civil penalty action in the Federal Court against Firstmac Limited for alleged breaches of the design and distribution obligations. In an online update, ASIC said
ASIC has commenced the first ever court case against a financial product distributor for alleged breaches of design and distribution obligations (DDO).
Customers were exposed to the risk of obtaining a financial product not appropriate for their needs, ASIC says in a first such case against a distributor.