The FCA is stepping in to better protect customers when payments and e-money firms go out of business. Use of payments firms has grown in recent years, but the FCA says it continues to see poor safeguarding practices from firms. Funds held by payments and e-money firms are not directly protected by the Financial Services …
Proposed new rules to better protect customers of payments firms Read More »
The Federal Court today ordered Vanguard Investments Australia to pay a $12.9 million penalty for making misleading claims about environmental, social and governance (ESG) exclusionary screens. These screens were applied to investments in the Vanguard Ethically Conscious Global Aggregate Bond Index Fund. ASIC Deputy Chair Sarah Court said, ‘This is an important decision and the …
ASIC’s Vanguard greenwashing action results in record $12.9 million penalty Read More »
The Full Federal Court has dismissed an appeal by Peter Daly, a former director of Linchpin Capital Group Ltd (in liquidation). The matter, heard before Justice O’Callaghan, Justice McElwaine and Justice Jackman upheld the previous Federal Court ruling that Mr Daly: was an officer of a responsible entity of a registered managed investment scheme, breached …
Former Linchpin Capital director appeal dismissed by Full Federal Court Read More »
Following an ASIC investigation, the Markets Disciplinary Panel (MDP) has fined Macquarie Bank Limited (Macquarie) a record $4.995 million for failing to prevent suspicious orders being placed on the electricity futures market. This is the highest penalty ever imposed by the MDP. On 50 occasions, from January to September 2022, Macquarie breached market integrity rules …
Macquarie Bank fined a record $4.995m for serious market gatekeeper failure Read More »
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