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The Latest Breaking News from ASIC

Super fund took more than 500 days to approve death benefit for grieving widow, Asic says

Landmark report makes 34 recommendations to overhaul the superannuation sector, citing delays, poor customer service and ineffective procedures

The Guardian - AU

Dishonesty charges dropped against childcare executive

A woman previously accused by ASIC of dishonesty during a takeover bid between two early childhood education companies has had all charges against her dropped.

AAP

ASIC puts payday lenders on notice they may be breaching the law

Late last week, corporate watchdog the Australian Securities and Investments Commission (ASIC) issued a warning to lenders that provide high-fee small-amount loans – known as payday lenders – that they may be breaching consumer-lending laws.

The Conversation

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Whatever happens to Star, the age of unfettered gambling revenue for casinos may have ended

Casino operator Star Entertainment has been under financial pressure for some time. The company’s share price has tanked, and the business, with its three casino properties, has been bleeding money.

The Conversation

Major super fund sued over tardy death benefit payouts

AustralianSuper is the latest major super fund to face legal action for allegedly failing to pay out benefits to families of dead members in a timely manner.

AAP

How To Lodge Your Insurance Claim If You’ve Been Impacted By Ex-Cyclone Alfred

Over 9,200 claims have been lodged so far, with thousands more expected in the coming days and weeks.

Pedestrian.tv

Brother of Olympian 'Raygun' in court over scam charge

The financial regulator has accused Brendan Gunn, brother of Olympic breakdancer Rachael "Raygun" Gunn, of allegedly dealing with the proceeds of crime.

AAP

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I ran the Seville marathon with ASICS – here’s 5 things I learnt from my first marathon

Everything I learnt from my first marathon

Allianz fined millions over misleading travel insurance

Insurance giant Allianz Australia has admitted misleading consumers about how much could be paid out under its travel policies.

AAP

Your super fund is invested in private markets. What are they and why has ASIC raised concerns?

If you are a member of a super fund, some of your long-term savings are probably invested in private markets.

The Conversation

Multiple warnings and huge fines are not stopping super funds, insurers and banks overcharging customers

Last week the Federal Court fined Australia’s biggest superannuation company, AustralianSuper, A$27 million for overcharging customers.

The Conversation

'Can't work in the dark': ASIC calls out private market

Financial watchdog ASIC is concerned about a lack of transparency in the growing private equity and private credit markets, as well as a slowdown in IPOs.

AAP

‘Multiple red flags’: ASIC’s court case against Star executives shows the risks of complacency

This week the corporate regulator is taking on executives and directors of Star Entertainment in the Federal Court, in a landmark case for Australian corporate governance.

The Conversation

'No-brainer' home ownership boost for HECS debt Aussies

Australians saddled with student debt who want to enter the housing market will be given a helping hand, under changes to lending requirements.

AAP

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The Conversation

Thousands of Australian pets may soon have ‘useless’ microchips. It’s a symptom of a bigger problem

Late last year, rumours swirled online that HomeSafeID, a private Australian pet microchip registry, had stopped operating.

AAP

Star heads accused of turning blind eye to illicit cash

Executives at troubled gambling firm The Star allegedly put profit over risk management by ignoring the potential criminal cash washing through its casinos.

AAP

The 'existential' threat facing the corporate watchdog

Corporations and regulators are struggling to adapt to modern business conditions and regular Australians are suffering as a result, says ASIC boss Joe Longo.

AAP

Scams lawsuit sends a message to Australia's banks

The corporate cop has put the nation's banks on notice after filing a civil case against HSBC Australia over its alleged failure to stop $23 million in scams.

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The Guardian - AU

Predatory rent-to-buy operators barred from Centrepay debit system in sweeping Albanese government reforms

Exclusive: ‘High-risk services’ will be removed, including companies providing consumer leases and household goods

The Guardian - AU

Not just Cbus: 10 largest super funds had thousands of complaints over death and disability claims

Data from the financial watchdog strongly supports Asic’s claim ‘there is a systemic issue’ across the superannuation sector, advocate says

AAP

NAB sued for failing customers in financial hardship

Customers facing issues such as domestic violence and serious medical conditions were let down by NAB in their requests for support, a lawsuit alleges.

The Conversation

ASIC’s lawsuit against Cbus has put the big super funds on notice

Does your superannuation fund also provide you with insurance? Many of us are automatically enrolled without even realising. Now, the way super funds handle such claims has been thrust into the spotlight.

The Guardian - AU

Australia’s $3.9tn superannuation sector is under scrutiny. What sparked the Cbus scandal and what does it mean?

Asic has lodged federal court proceedings against Cbus after allegations the super fund failed its members ‘at their most vulnerable time’

AAP

Boss 'sorry' as super fund resolves thousands of claims

Super fund Cbus has resolved thousands of disability and death claims subject to legal action by the financial regulator, a parliamentary inquiry has been told.

AAP

Super fund in strife over $20m in delayed payments

Superannuation fund Cbus has been accused of failing to process $20 million worth of death and disability claims in a timely manner.

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