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The Latest Breaking News from ASIC

Amex fined $8m over unsuitable David Jones credit cards

American Express will have to pay an $8 million fine after offering co-branded David Jones credit cards without ensuring they were appropriate for customers.

AAP

Banks lashed for ripping off poorer customers

The market watchdog has slammed four major banks for causing financial distress to more than two million Australians by systematically overcharging on fees.

AAP

ASIC has comprehensively failed and its role should be split in two, according to long-awaited report

Australia’s corporate watchdog, the Australian Securities and Investments Commission (ASIC), should be broken up and replaced by new and more responsive regulatory agencies, a damning report has found.

The Conversation

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'Deep flaws' in ASIC enforcement prompt calls for split

A bloated remit and chronic under-resourcing at Australia's corporate watchdog have been canvassed in a scathing parliamentary report.

AAP

Lender fined $16m for overcharging vulnerable customers

An overseas-controlled credit provider has been fined $16 million for entering contracts with banned fees and overcharging Australian consumers.

AAP

Lack of technology poses 'existential risk' to ASIC

The boss of the financial services watchdog has revealed a lack of investment in data capability and technology is hampering its ability to tackle crime..

AAP

Four charts that prove the huge financial pressure many Australian households are under

From people spending less to increasing inequality and money worries even among the affluent, data shows widespread pain

The Guardian - AU

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Super fund misled consumers through 'greenwashing'

An Australian super fund engaged in "greenwashing" by falsely telling consumers it did not invest in coal mining, oil tar sands, gambling or Russian companies.

AAP

Shamed Aussies shun financial help for debt struggles

Millions of Australians struggling to make loan or debt repayments feel too embarrassed to ask for financial hardship assistance, new research has found.

AAP

How payday lenders target Australia’s most vulnerable – and the ‘whack-a-mole’ fight to crack down on them

Consumer groups say unlicensed lenders make promises of quick and easy cash – but high fees can drag borrowers into unsustainable debt

The Guardian - AU

Cocaine-fuelled adviser 'disgraceful' in duping clients

A financial adviser who ripped off almost $500,000 from clients was a drug user who spent about $3000 a week on cocaine, a court has heard.

AAP

Auditor failed to meet ethical standards obligation: watchdog

ASIC also accepted the undertaking from his accounting firm.

The Canberra Times

ASIC victory in four-year pursuit of high-fee lenders

Two Gold Coast lenders could face hefty fines after charging over $70 million in fees for less than half that amount in loans issued without a credit licence.

AAP

Businesses and directors could face multi-million dollar penalties if they fail to disclose their climate impact

Large businesses will have to publicly disclose detailed information about what they are doing to reduce carbon emissions and other climate-related financial information under legislation before federal parliament.

The Conversation

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AAP

'Abandoning customers': lenders fail battling borrowers

Mortgage stress in Australia is at its highest level since the global financial crisis but many borrowers are finding it too hard to get help from their bank.

AAP

Sustainable investment must be real not faked: ASIC

The corporate watchdog wants Australia to attract sustainable investment, not scare it off, but not at the expense of well-meaning consumers and investors.

The Guardian - AU

Urban Rampage banned from using Centrepay to sign up mostly Indigenous customers to credit arrangements

Asic finds arrangements posed ‘significant risk’ of financial hardship but clothing store says it will appeal ‘racist and paternalistic decision’

AAP

Two cryptocurrency companies collapse owing $160m

Two separate Australian cryptocurrency companies have collapsed while federal court proceedings are being pursued against the directors of the businesses.

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AAP

Software firm fires CEO, says $26m is still missing

Melbourne-based software company Dubber has accused its former CEO and a third-party trustee of misappropriating $30 million with 26.6 million still missing.

The Guardian - AU

‘Financial abuse’: how a debit scheme to help vulnerable Australians led to exploitation instead

A Guardian investigation has revealed that Centrepay is exposing scores of welfare recipients to financial harm. Advocates say the government must act now

The Guardian - AU

Government ignored warnings more than 100 companies may be misusing Centrepay scheme, Asic says

Services Australia’s failure to act ‘inexcusable’ and urgent action needed to help people struggling to get by, senators say

AAP

Directing companies shouldn't be a Sisyphean task: ASIC

The chair of Australia's corporate watchdog has drawn on Greek mythology to call out company directors who think their jobs are too hard.

AAP

ASIC loses case over comparison site's crypto service

Finder has successfully defended a lawsuit brought by the corporate regulator, which was seeking penalties over its crypto asset-related product.

AAP

Mining magnate Gutnick banned from managing businesses

Former Melbourne Demons president "Diamond" Joe Gutnick has been disqualified from managing corporations for his involvement in three failed companies.

AAP

ASX pays $1m fine over market transparency breaches

The Australian Securities Exchange has paid a $1.05 million penalty to the Australian Securities and Investments Commission over a system error.

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