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CLSA Premium NZ admits breaching duties as financial service provider


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CLSA Premium NZ has admitted it breached its duties as a financial service provider, which included not carrying out checks on its clients as required, failure to keep adequate records, report suspicious transactions or cut business ties with some clients between 2015 and 2018.
The breach of their duties covered $50m worth of transactions.
However, both parties disagreed on what the fine should be, which carries a maximum penalty of $7m.
In the Auckland High Court this morning, the FMA called for a penalty of about $1.5m but noted that with various discounts it could come down to $1.2m.
The authority s lawyer, Sam McMullan, said the company needed to be held to account and the penalty needed to send a message of deterrence to the industry. ....

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New Zealand lawyers sue climate change body over alleged failure to meet targets


On Friday the group filed for a judicial review against the Climate Change Commission in the high court, alleging that the crown institute’s emission budgets are inconsistent with limiting global warming to 1.5C, that it has understated the country’s reduction targets under the Paris agreement, and that it is relying on other countries to reduce New Zealand’s emissions, instead of meeting its own domestic reductions.
The group’s president, Jenny Cooper QC, said the commission was failing in its obligations to fulfil New Zealand’s climate change law , the Paris Agreement, and the UN’s 2018 Intergovernmental Panel on Climate Change report. ....

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