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The Latest Breaking News from ASIC

Australian banks ignore thousands of customers’ hardship requests

Exclusive: Automated systems have generated ‘cookie cutter’ responses that fail to account for individual circumstances, financial ombudsman says

The Guardian - AU

Who owns that company? Find out in 2028 for just $207m

A new searchable company register list will allow the public to discover which people and firms own Australian companies.

AAP

Beyond Qantas’ data leak, Australian finance companies are also at risk of offshore hacks

Australians are once again being warned to tighten their online security and be extra alert to scammers, after up to 5.7 million Qantas customers’ personal details – including phone numbers and birthdays – were leaked to the dark web on Sunday.

The Conversation

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Ethical investment fund lashed for 'backing polluters'

An investment fund named after the Latin word for "trust" has been accused of misleading and deceptive conduct by the corporate regulator.

AAP

Australian Market Struggles With Closing Top Deals

Australia’s inability to close top MA deals is becoming a growing frustration. The collapse of Abu Dhabi National Oil Company’s (ADNOC) $18.7 billion takeover bid for Santos (OTCPK: SSLZY) (the nation’s biggest supplier of natural gas) earlier this month is just the latest example. Valuation disputes, regulatory hurdles, and unexpected…

Benzinga

Macquarie to compensate investors in failed Shield fund

Financial services giant Macquarie will reimburse investors $321 million over a failed retirement scheme which magnified concerns over the sector's oversight.

AAP

Head of corporate regulator to step back from role

ASIC chair Joe Longo has announced he won't look to be reappointed in the position when his term runs out in May.

AAP

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Bank to pay record £118m fine after failing to refund dead customers

Its corporate misconduct affected almost 65,000 customers

The Independent UK

ANZ has been hit with a record $240 million fine. These lessons should have been learned years ago

ANZ Bank has agreed to pay a record fine of A$240 million after admitting to various forms of misconduct that occurred “over many years”.

The Conversation

A 'bank in crisis': ANZ cops record fine for misconduct

From charging dead customers to overstating trades, a big four bank has been slugged with a record penalty for widespread misconduct.

AAP

‘Betrayed the trust of Australians’: ANZ bank pays record $240m fine for widespread misconduct

Company admits allegations in four investigations brought by financial regulator Asic

The Guardian - AU

'Always under persecution': Palmer claims court win

Clive Palmer has claimed a court win in a long-running case after a magistrate ruled the billionaire businessman's human rights may have been impeded.

AAP

Watchdog sets sights on protecting retirees' pensions

Superannuation firms exploiting members in retirement and allowing them to invest in high-risk funds will be the target of Australia's corporate watchdog.

AAP

Responsibility, not legacy driving Chalmers to reform

Jim Chalmers' economic roundtable will likely present some low-hanging fruit around regulation but hefty tax reform will be more challenging for him to grasp.

AAP

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AAP

ASX faces listing competitor after damaging TPG blunder

Financial regulator ASIC is considering approving an ASX rival to launch a competitor listing market, which the treasurer hopes will boost investment.

The Conversation

Embattled ASX set to face beefed-up competition, in bid to boost investment

The Australian Securities and Investments Commission is set to boost the competition faced by the much-criticised ASX in an effort to clear roadblocks for investors and attract more foreign capital to Australia.

AAP

Banks forced to take action on high-fee accounts

Banks must ask themselves some 'difficult questions' following a review by ASIC, which has resulted in refunds totalling millions for low-income customers.

The Guardian - AU

Australians lost $1bn through collapsed investment funds. What happened and how can workers keep their super safe?

More than 12,000 people were exposed to three major failed schemes. Here’s how to lower the risk of facing a similar situation

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The Guardian - AU

Macquarie’s famed pay packages under attack from disgruntled shareholders at AGM

Investors used the group’s annual general meeting in Sydney on Thursday to vote against remuneration plans

AAP

Banks told to make AI work for people, not against them

Artificial intelligence should be used to improve the lives of customers instead of just making more money out of them, the corporate regulator tells bankers.

The Conversation

6 simple questions to tell if a ‘finfluencer’ is more flash than cash

Images of flashy sports cars. Lavish lifestyle shots. These are just some of the red flags consumers should watch out for when they turn to social media for financial advice.

AAP

'Exploited' investors lose fortune, $300m fines mulled

A brokerage that pushed risky investments onto vulnerable customers and profited from millions of dollars in losses has argued for an eight-figure fine in court

The Guardian - AU

Wong signals plans to get Australians out of Iran and Israel – as it happened

This blog is now closed

AAP

Share market operator probed after 'serious' failures

The corporate regulator's concerns over critical market infrastructure has prompted a probe into Australia's stock exchange operator.

AAP

ASIC puts super on notice over complaint 'blind spots'

How superannuation funds track and address customer complaints is the next focus of financial watchdog ASIC's bid to whip the scandal-plagued sector into shape.

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