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The Latest Breaking News from ASIC

The banking industry overseer wants more powers, but will it get them?

Three years after it was formed, the committee enforcing breaches of the Banking Code of Practice has used its most serious sanction just twice. That power is writing the name of a bank on a report.

ABC News

Sydney debt collector resists $3.25m fine

A Sydney debt collector which admitted harassing and threatening customers has complained a $3.25 million penalty sought by ASIC would destroy its business.

AAP

Queensland farmer battling Suncorp Bank vows to keep pushing to fix financial services

A farmer who looks set to lose his farm vows to keep fighting for accountability in the financial sector and its lending practices.

ABC News

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How 'bad credit' lender Cigno has dodged ASIC's grasp

Cigno is exactly the sort of business the Australian Securities and Investments Commission had in mind when it asked for stronger powers to ban the sale of harmful financial products.

The Conversation

'Greedy and evil' payday lender Cigno's game of cat and mouse with ASIC continues

ASIC is investigating whether a third lending model set up by "predatory" payday lender Cigno is legal, while the company takes its fight to be exempt from credit laws to the High Court.

ABC News

Labor pledges $4m for Aboriginal families affected by Youpla funeral fund collapse

The emergency relief package for families struggling to pay for burials includes a payout for expenses equal to the one they were promised by the disgraced insurer

The Guardian - AU

Youpla funeral insurance founder’s multimillion-dollar yacht arrives in Vanuatu

The company founded by Ron Pattenden collapsed owing millions in unpaid policies to thousands of low-income Aboriginal families

The Guardian - AU

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New data shows disadvantaged towns paid high price for failed funeral insurer Youpla

New data shows that when funeral insurance company Youpla went into liquidation in March, some of Australia's most disadvantaged towns paid the heaviest price.

ABC News

Albanese government to force super choice funds to provide performance dashboard

Exclusive: Financial services minister Stephen Jones wants complex funds to provide the same data already required of simpler funds

The Guardian - AU

Funeral insurer Youpla 'grew and grew' off welfare payments, then collapsed

In 2013, the government was warned that allowing funeral insurers to access Centrelink payments could end badly for customers. Almost a decade later, it did.

ABC News

Labor government urged to drop prosecutions against whistleblowers and ramp up protections

As the Albanese government works on getting legislation ready for its highly anticipated corruption watchdog, calls are growing for it to boost protections for whistleblowers and drop criminal prosecutions against Richard Boyle, David McBride and Bernard Collaery, and to advocate for Julian Assange.

ABC News

Youpla director says he tried to save the business, advocates want an investigation

Youpla director Greg Wheeldon says he did his all to save the funeral insurance company from liquidation. But advocates for the thousands of people who lost their cover still want answers.

ABC News

Watchdog examines 'misleading conduct' allegations against Hunter firm

A specialist team from Australia's Corporate Watchdog will consider allegations that Hunter-based Sweetman Renewables engaged in misleading and deceptive conduct as part of a fundraising campaign.

Newcastle Herald

Forex Capital Trading liquidators hoping to claw back cash for investors from Gibraltar

The liquidators of ForexCT are trying to claw back cash from a parent company believed to be domiciled in the tax haven of Gibraltar.

ABC News

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The Guardian - AU

Youpla funeral fund collapse: minister seeks advice on compensating victims

Stephen Jones says he needs to know scale of problem before committing to redress scheme

The Guardian - AU

Embattled buy now, pay later sector to be regulated under credit laws

Financial services minister Stephen Jones says government will also move to regulate cryptocurrency exchanges like other financial markets

The Guardian - AU

Consumer groups urge ASIC to mount full investigation into collapsed funeral fund Youpla

Letter from Save Sorry Business coalition also asks that regulator continue misleading and deceptive conduct case against company in federal court

The Guardian - AU

Youpla: how Aboriginal funeral fund evaded regulators despite 30 years of complaints

State and federal authorities raised concerns periodically, but fund continued to target vulnerable people until its final collapse in March

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ABC News

The inside story of the Aboriginal Community Benefit Fund collapse and the missing millions

For decades, First Nations people made contributions to the Aboriginal Funeral Benefit Fund. Now it's collapsed, thousands are asking: How was it allowed to trade for so long?

The Guardian - AU

Linda Burney says investigating Youpla funeral fund will be ‘top of my agenda’

Incoming Indigenous affairs minster says predicament of families affected by collapse of predatory funeral fund is ‘totally unacceptable’

ABC News

Wiradjuri native title deal with gold miner puts skills before royalties

The Wiradjuri Condoblin Corporation says it will operate the farms for profit, but the real benefit is being able to offer young Indigenous people job and learning opportunities.

ABC News

We looked into the lobby group taking on rugby star turned would-be senator David Pocock. Here's what we found

Conservative lobby group Advance Australia has independent ACT Senate candidate David Pocock in its sights, with Facebook advertising data revealing that the group's offensive against the former rugby star is disproportionate to its campaigning against any other candidate.

AAP

Cybersecurity risk ruling for fin services

RI Advice Group has breached its licence obligations by failing to have adequate risk management systems to manage its cybersecurity risks, a court has ruled.

AAP

Gold Coast fund manager jailed for fraud

A Queensland fund manager who defrauded investors of $299,600 over 13 months from November 2012 has been jailed following a lengthy investigation by ASIC.

ABC News

Melissa Caddick's husband ordered to hand over Dover Heights home owned by Sydney fraudster

Melissa Caddick's mansion in Sydney's eastern suburbs will go under the hammer as liquidators attempt to recoup the $23 million she swindled out of investors through her Ponzi scheme.

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