On 24 Apr. SFC reprimanded and fined CN Capital Management Ltd $1.2million over regulatory breaches. The Securities and Futures Commission (SFC) has reprimanded CN Capital Management Limited (CN Capital) and fined it $1,000,000 for failing to maintain an effective compliance function and satisfactory internal controls concerning employee account dealing. The SFC has also reprimanded its…
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About: ILG
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CFPB, OCC Wells Fargo $1bn Fine
On Apr. 20, CFPB, OCC fined Wells Fargo $1bn for unsafe lending. The bank charged certain borrowers for mortgage interest rate-lock extensions. Use of unsafe and unsound practices on collateral protection insurance policies. Both regulators highlighted collaborative approach is now being taken by CFPB. Enforcement $1bn fine for breach of auto-loan administration, and mortgage practices rules.…
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MAS Adviser Representatives
On Apr. 11, MAS amended requirement of adviser representatives. Follows MAS Dec. 2016 amendments to its examination requirements. 2018 Amendments Amendments to notice FAA-N13 on Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers. Minimum CPD Hours Includes amendments to core, and supplementary, CPD hours in Table A, page 15.…
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ASIC CBA Service Conduct Fine
On Apr. 13, ASIC fined Commonwealth Bank A$3mn re service fees. Enforceable undertaking applied to Commonwealth Financial Planning (CFPL) and BW Financial Advice (BWFA), wholly owned subsidiaries of Commonwealth Bank. CFPL and BWFA failed to provide, or find evidence for provision, annual reviews. This affected approximately 31,500 customers; CFPL in 2007-15; BWFA 2010-15. CFPL management…
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EC Consumer Online Rights
On Apr. 11, EC issued approach to strengthen consumer rights. Proposed changes to EU law that strengthen EU consumer rights and enforcement. More transparency in online marketplace, and in search results on online platform. Consumer Online Rights Inform consumer on whether they are buying from trade or from a private person. Consumer to be clearly…
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CIRC Anbang Equity Protection
On Apr. 4, CIRC issued Anbang protection and investor selection. After investigation found some shareholders of Anbang Insurance Group had used non-ownership funds to aid their preparation of fraudulent construction materials. Supervisory Response To strengthen supervision of insurance, to effectively prevent financial risks, and severely crack down on illegal and infringing behavior of insurance equity holders.…
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