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The Latest Breaking News from ASIC

Harvey Norman facing class action for 'misleading' ads

A retail giant is set to battle a class action lawsuit after the Federal Court ruled it misled consumers with a widespread advertising campaign.

AAP

Watchdog puts bite on 'finfluencers' deceiving Gen Z

The financial services watchdog has sent warnings to social media accounts providing deceitful advice on platforms used by two thirds of young Australians.

AAP

ASX vows reform after placing 'investors over markets'

A final report on exchange operator ASX has noted its defensive culture and favouring of shareholder returns over resilient technology platforms for investors.

AAP

From analysis to the latest developments in health,
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Is your ‘sustainable’ super funding fossil fuels or weapons? How to check the fine print

Many Australians don’t realise their superannuation savings – worth A$4.5 trillion and growing – may be invested in fossil fuel companies, gambling, or even weapons manufacturers.

The Conversation

Alarm as Gen Z turns to 'finfluencers' for money advice

Social media is fuelling riskier financial investments with nearly two out of three young people turning to platforms for advice on their money.

AAP

What 2.5 million Australian company directors need to know about the scathing Star judgement

It’s one of the most important corporate governance cases in the past 20 years, involving organised crime inside Australia’s second-biggest casino.

The Conversation

Troubled smelter faces shutdown move by regulator

The national corporate regulator has moved to wind up a major smelter over failures to lodge annual financial reports.

AAP

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Star casinos case: appeal decision a long way off

The outcome may not pass the pub test but the outgoing head of the corporate regulator says it was justified in taking on the Star casinos case.

AAP

'Unethical' culture as ex-Star boss breaches duties

Star's ex-boss knew of potential criminal links to lucrative overseas junkets in casinos but failed to promptly inform the casino's board, a judge has said.

AAP

Major insurer unsure of next steps amid legal action

One of the nation's major insurers is unsure how to proceed in the face of legal action after thousands of customers lost promised online discounts.

AAP

UniSuper accused of greenwashing after reducing environmental element of investment option

UniSuper says change was made ‘to expand the investible universe’ but complaint to Asic claims members were not properly informed

The Guardian - AU

Super funds blindsided by watchdog's unreleased review

Australia's superannuation industry looks forward to working with the corporate watchdog on scam prevention, noting they still haven't seen a critical report.

AAP

Female head for corporate watchdog in milestone move

Jim Chalmers says the next head of Australia's financial watchdog, Sarah Court, is an experienced litigator and leader and will make a positive impact.

AAP

Treasurer announces first female head of ASIC

Former corporate lawyer Sarah Court will succeed Joe Longo as chair of the Australian Securities and Investments Commission.

AAP

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The Conversation

ASIC flags $40 million in refunds after review of risky financial products

Australia’s corporate regulator has secured refunds of A$40 million to more than 38,000 investors in risky financial products, following a review of the industry.

AAP

Watchdog pushes financial literacy to counter AI boom

Artificial intelligence-powered scams featuring fake celebrities are just the tip of the iceberg when it comes to AI risks facing consumers, ASIC warns.

The Conversation

Deep in holiday debt? How to start repaying overdue credit and buy now, pay later bills

Christmas lunch is over, all the presents are unwrapped. Now comes the hard part: paying for it all.

AAP

CBA to repay $68m in fees to low-income customers

Following a report by ASIC, the Commonwealth Bank says it's repaying $68 million to low-income customers who incurred unusually high banking fees.

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AAP

'Unconscionable': major bank's record fine bumped up

ANZ has been fined $250 million for widespread misconduct and systemic ‍failures that impacted the federal government, taxpayers ‌and thousands of customers.

AAP

ASX shares slide to seven-year low after damning report

ASX Limited shares have fallen to their lowest level since 2018 after the market regulator said it would require it to hold another $150 million in capital.

The Guardian - AU

HyperVerse promoter ‘Bitcoin Rodney’ accuses Australian Sam Lee in US court of duping him with ‘elaborate deception’

Rodney Burton says in Maryland district court memorandum he acted in good faith when promoting scheme that allegedly defrauded investors of US$1.89bn, but Lee calls claims ‘baseless’

AAP

Slow whistleblower reform take up in corporate sector

Whistleblowers are having a harder time coming forward in some large companies that have failed to implement reforms to encourage disclosures about wrongdoing.

The Conversation

Many super funds are still failing retirees, even as millions prepare to stop work

Too many superannuation funds are still failing to provide sufficient support to retirees, three years after being urged to lift standards, Australia’s top regulators have warned.

AAP

'Sad': bank boss blasts Australia's energy transition

The boss of one of Australia's biggest banks has excoriated the debate around net zero, saying power bills could be heavily reduced if renewables are harnessed.

AAP

Big bank boss takes swipe at surcharge ban consequences

As the Reserve Bank considers a ban on credit card surcharges, the head of the nation's biggest bank has warned of "wrong assumptions" about the payments.

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