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The Latest Breaking News from ASIC

Global expat tells Australia to lift its economic game

Regulation must be slashed and company tax rates lowered for the nation to boost low productivity growth, the Australian head of a global economic body warns.

AAP

'Industrial-scale misconduct' in $667m super scandal

A court showdown between the corporate regulator and a financial planning giant is on the cards as nearly $700 million in super investments hang in the balance.

AAP

Some people choosing DIY super are getting bad advice, watchdog warns

It’s no secret Australians are big fans of a do-it-yourself (DIY) project. How many other countries have a weekend sausage sizzle at a hardware store embedded in their national mythology?

The Conversation

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Bank giant, energy providers rebuked in Shonky awards

A bank that won't refund customers fees it incorrectly charged has topped the annual list of dodgy business behaviour from consumer advocates Choice.

AAP

'Minsky moment': watchdog boss warns of market collapse

The corporate watchdog has flagged easing reporting requirements for smaller firms while warning private credit to shape up or face tougher regulation.

AAP

Commonwealth Bank, Temu and HCF among those named at this year’s Shonky awards

Choice’s annual list also includes the entire energy retail sector for allegedly hoodwinking customers with confusing prices

The Guardian - AU

‘No empathy’: Australian banks under fire for failing customers in hardship

Banks have continued to dismiss thousands of requests for help despite facing regulatory action enforcing their obligation to work with struggling clients

The Guardian - AU

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WiseTech Global Offices Raided by Police, Regulators Over Chairman Richard White's Share Trading

WiseTech Global headquarters raided by Australian Federal Police and ASIC investigating chairman Richard White's alleged share trading violations. Stock plunges 17% as investigation unfolds.

International Business Times

Tech giant founder targeted as federal police raid firm

Shares in Australian technology giant WiseTech are in freefall, down 15 per cent in early trading, after revelations of an ASIC-AFP raid.

AAP

Massive fine for home loan compliance failures

Defunct home lender RAMS has been fined $20 million by the Federal Court after admitting to widespread misconduct over a four-year period.

AAP

Australia Brings Crypto Under Banking Rules With Sweeping Reform

Australia's Treasury dropped new rules in September that flip the script for crypto platforms.

inkl

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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AAP

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.

Benzinga

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…

AAP

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.

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The Independent UK

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

Its corporate misconduct affected almost 65,000 customers

The Conversation

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”.

AAP

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.

The Guardian - AU

‘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

AAP

'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.

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