As part of its penalty for overcharging interest on business overdraft accounts, which it has been forced to pay $7 million, it will also be required to publish misconduct notices on its website.
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The in-principle resolution between the two parties would be subject to approval from the court.
In the announcement made to the Australian Securities Exchange (ASX), E&P Financial Group Limited, which wholly owns Dixon Advisory and Superannuation Services (DASS), said that under the heads of agreement:
DASS agrees to pay to the Commonwealth a pecuniary penalty of $7.2 million which may be paid in two equal instalments on 31 December 2021 and 31 March 2022 if the court makes final orders in the legal proceedings before 1 November 2021
DASS agrees to pay ASIC’s legal costs of its investigation and the legal proceedings agreed at $1 million, which may also be paid in two equal instalments on 31 December 2021 and 31 March 2022
The Australian Securities and Investments Commissions has signed a five-year, $4.2 million deal with Canberra Data Centres for hosting.
ASIC, the national corporate regulator, told CRN that the deal was for the provision of data centre space and services at CDC’s Eastern Creek data centre in Western Sydney.
The contract, which commenced in December 2020 and runs through to the end of 2025, replaces a Global Switch contract which is set to expire in August 2023, according to an ASIC spokesperson.
The Global Switch deal, signed in 2013, was worth $7.6 million, according to intermedium. While light on details, ASIC said its new supplier CDC best fit the agency’s requirements into the future.