Tag: ASIC fines

Westpac bank logo
January 31, 2024 BY Simon Mugo

Westpac Bank Fined $1.8M for Unconscionable $12Bn Swap Deal

The Court identified Westpac's approach in the pre-hedging phase of the interest rate swap as unconscionable. The verdict underscores the importance of maintaining ethical standards in financial dealings, particularly high-value transactions. Sarah Court, the Deputy Chairwoman of the Australian Securities and Investments Commission (ASIC), stressed the global necessity of proper conduct in pre-hedging activities. She…

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SFC fines
November 21, 2018 BY Valentina Kirilova

ASIC fines Dampier Finance Australia Limited $240,000

Sydney-based company Dampier Finance Australia Limited, who holds an Australian Financial Services license (AFSL), has been fined $240,000 for failing to lodge its company annual reports and financial statements with ASIC. On 13 November 2018, Dampier Finance Australia was found guilty in the Downing Centre Local Court of failing to submit annual financial reports with…

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SFC fines
November 20, 2018 BY Valentina Kirilova

UBS Securities Australia Limited fined $120,000

Australian regulator ASIC has announced earlier today that UBS Securities Australia Limited (UBS) has paid a penalty totalling $120,000 to comply with an infringement notice given by the Markets Disciplinary Panel (the MDP). The MDP had reasonable grounds to believe that UBS contravened Rule 3.3.1(b) of the ASIC Market Integrity Rules (ASX Market) 2010. The…

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SFC fines
August 07, 2018 BY Valentina Kirilova

ASIC fines ASX-listed Gold Mountain Limited $33,000

ASX-listed company Gold Mountain Limited (Gold Mountain) has informed the public that it has paid a penalty of $33,000 after Australian regulator ASIC issued an infringement notice for an alleged failure by Gold Mountain to comply with its continuous disclosure obligations. ASIC has also restricted Gold Mountain from eligibility to issue a reduced-content prospectus until…

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April 10, 2018 BY Valentina Kirilova

Spaceship and Tidswell fined for false and misleading conduct

Spaceship Financial Services Pty Ltd (Spaceship) and Tidswell Financial Services Pty Ltd (Tidswell) have each paid a $12,600 penalty for Infringement Notices issued by ASIC. ASIC's concerns related to misleading claims about the 'fundamental investment philosophy' of the Spaceship Super Fund’s "GrowthX" portfolio (Spaceship Fund), made on the fund’s website (www.spaceship.com.au) during 2017. In June…

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DFSA
July 25, 2017 BY Valentina Kirilova

Financial Choice pays $21,600 in penalties for false and misleading representations

Financial Choice Pty Ltd, an Australian financial services provider, has paid two ASIC infringement notice penalties totalling $21,600, after making misleading representations in marketing emails sent to consumers and on its website. The first infringement notice related to a representation made by Financial Choice in bulk emails the company sent to around 215,000 consumers in…

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