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The Latest Breaking News from Joe Longo

'Grubby': ANZ fined $240m for unconscionable conduct

A big four bank has been slugged with one of the largest ever penalties for widespread misconduct, ranging from overstating trades to charging dead customers.

AAP

‘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

The Guardian - AU

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

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Banks forced to take action on high-fee accounts

Banks must ask themselves some 'difficult questions' following a review by ASIC, which has resulted in refunds totalling millions for low-income customers.

AAP

Macquarie’s famed pay packages under attack from disgruntled shareholders at AGM

Investors used the group’s annual general meeting in Sydney on Thursday to vote against remuneration plans

The Guardian - AU

Banks told to make AI work for people, not against them

Artificial intelligence should be used to improve the lives of customers instead of just making more money out of them, the corporate regulator tells bankers.

AAP

Share market operator probed after 'serious' failures

The corporate regulator's concerns over critical market infrastructure has prompted a probe into Australia's stock exchange operator.

AAP

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ASIC puts super on notice over complaint 'blind spots'

How superannuation funds track and address customer complaints is the next focus of financial watchdog ASIC's bid to whip the scandal-plagued sector into shape.

AAP

Path to going public on markets sped up for companies

A decline in the number of new companies listing on the ASX has forced the market watchdog to roll out changes to streamline the process of going public.

AAP

'Hubris': financial giant in hot water over breaches

Macquarie's brokering arm is being taken to court by the financial regulator for allegedly failing to report up to 1.5 billion short sales over 14 years.

AAP

Super failings laid bare after 'deep grief, suffering'

The peak body for super funds has apologised after a financial watchdog report revealed delays were rife in paying out death benefits to bereaved families.

AAP

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

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

'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

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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

Risk or reward: mandatory climate reporting to begin

The start of mandatory reporting on climate risks for large companies and financial institutions is expected to bring challenges for entire supply chains.

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.

AAP

Corporate cop wants finer silk to take on big business

Commonwealth caps on how much the financial market regulator can pay lawyers are giving major corporations an advantage in court.

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AAP

One ASIC more than enough, says corporate cop chief

Splitting the Australian Securities and Investments Commission doesn't have the backing of the chairman who says a funding boost is needed to catch more crooks.

AAP

Watchdog sues ASX Ltd for 'misleading' upgrade claims

Share market operator ASX made misleading statements when it said a platform upgrade was "on track" and "progressing well", the corporate regulator alleges.

AAP

Huge growth of private capital catches regulator's eye

The Australian stock market has been shrinking thanks to a growing number of private equity buyouts and questions are being asked as to why.

AAP

China food giant sued for Aussie wheat-market meddling

Australia's corporate watchdog has taken a Chinese state-owned food processor to court over accusations it manipulated the market for wheat prices.

The Guardian - AU

PwC to face scrutiny over advice to clients that might allegedly ‘mislead or subvert’ foreign investment review board

ATO discloses concerns that date back to 2019 in response to questions from Greens senator Barbara Pocock

AAP

Mortgage defaults rise as borrowers struggle to keep up

The number of borrowers experiencing financial hardship is mounting and banks have been warned to do more to help households struggling to meet repayments.

AAP

AI race being lost in climate of fear, inquiry told

Investment in AI is lacking and Australia is missing out thanks to a climate of fear over risks posed by the technology, a Senate inquiry has been told.

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