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Sequoia Financial subsidiary Interprac has won access to internal AFCA documents, as it pursues action against the financial complaints watchdog over determinations linked to the defunct Shield and First Guardian investment funds.
A judge has declared super fund trustee Netwealth breached the Corporations Act in offering the First Guardian fund on its investment platform, which left more than 1,000 members exposed to $100 million in losses.
A swathe of reforms in the wake of the $1 billion failure of investment funds Shield and First Guardian will crack down on cold-calling by lead generators and arm regulators with enhanced powers to go after super fund trustees breaching their obligations.
The prudential regulator has imposed licence conditions on Bendigo and Adelaide Bank and will keep a $50 million capital add-on requirement, following a Deloitte analysis that found "material deficiencies" in its non-financial risk management.
A group of shareholders is pushing Commonwealth Bank to take steps to outline how its financing will become deforestation-free, claiming the bank's disclosures have not captured deforestation risks.
Fiducian Investment Management has copped a $7.3 million penalty after admitting that it made misleading representations about the ESG credentials of an investment fund, despite senior execs being warned about its exposure to fossil fuels.
Bendigo and Adelaide Bank has been hit with enforcement action by the prudential regulator for cybersecurity failures by a former business, and has agreed to an $8 million penalty.
A tribunal has found a Victorian solicitor guilty of professional misconduct for over-promising on the prospects of success of a proposed property investment class action, which was never brought.
A judge has slammed NAB for failing to comply with court orders in a negligence case against the bank, calling its actions "discourteous and unacceptable".
The corporate regulator has sought court declarations against super trustee Netwealth over the failed First Guardian investment fund, which along with the collapsed Shield is believed responsible for $1 billion in losses.