Category: Resources

Regulatory Update – 14 August

Australian Securities and Investments Commission Car Insurance consumers need more clarity. ASIC Report 838 Road testing transparency in car insurance found that while insurance premiums have been rising without any transparency to consumers about how these premiums are calculated. Read More Here. Director’s duties and continuous disclosures breached. The Federal Court found that Mcpherson’s Limited failed […]

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Regulatory Update – July 31

Australian Securities and Investments Commission Finding the beneficial owner. The conduct regulator has made it easier to comply with the new enhanced beneficial ownership reforms which will improve transparency around identifying the ultimate beneficial holder. Read More Here. $55 million in penalties for misleading customers. Harvey Norman and Latitude Financial will pay $35 million and […]

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Regulatory Update – July 17

  Australian Securities and Investments Commission NAB WealthHub Failures in regulatory data reporting. National Australia Bank’s WealthHub will pay just over $1 million in fines for failing to the report accurate regulatory data between 2014 and 2024. ASIC said in an official statement, “… the MDP [Markets Disciplinary Panel] identified that WealthHub repeatedly failed to […]

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Regulatory Update – July 3

Australian Securities and Investments Commission First criminal charge under the creditor defeating disposition. ASIC alleges that Giuseppe DeFrancesco redirected the proceeds of the sale of Jasa Dining to himself. The regulator also alleges that DeFrancesco offered money to someone ‘withhold true witness testimony’. Read More Here. Mercer Super to pay over $10 million in penalties. […]

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Regulatory Update – June 19

Australian Securities and Investments Commission HSBC to pay a $35 million penalty. HSBC has been ordered to pay a $35 million penalty for failing to have systems in place to protect their customers from scams and failing to adequately support scam victims. Read More Here. Super trustees must strengthen operational resilience. ASIC and the Australian […]

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Regulatory Update – June 5

Australian Securities and Investments Commission $26 million in penalties for failing financial hardship customers.  Westpac to pay a $26 million penalty for not responding to more than 200 online hardship requests for almost six years. ASIC Deputy Commissioner Sarah Court said that the bank failed these customers when they were at their most vulnerable. Read More […]

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Regulatory Update – May 22

Australian Securities and Investments Commission Australia, a laboratory of financial innovation. The Digital Finance Cooperative Research Centre (DFCRC) conducted research on the impact of the Regtech and Fintech innovation across seven jurisdictions.  This report commissioned this report to facilitate ‘responsible innovation’. Read More Here. Equity Trustees facing allegations of failing to adequately protect members.  ASIC […]

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Regulatory Update – May 8

Australian Securities and Investments Commission Telstra Internal dispute failures. The Federal Court found that between 2021 and 2023 Telstra Servicing failed to respond to 30 percent of complaints within the mandatory 45-day period. Read More Here. Canva late on financial reporting.  Four companies within the Canva Group have been issued with $729, 000 in infringements […]

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Regulatory Update – April 24

Australian Securities and Investments Commission Continuous disclosure case dismissed. The Federal Court of Australia has dismissed ASIC’s claims continuous disclosure breach against NUIX. The regulator alleged that the software intelligence company mislead investors in its initial public offering in early 2021.  Read More Here. Market Structure Reforms. ASIC seeking feedback on three regulatory guides in […]

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Regulatory Update – April 10

Australian Securities and Investments Commission $4 million for Continuous disclosure breaches.   The Federal Court of Australia has ordered Electro Optic Systems Holdings Limited to pay $4 million in penalties for not disclosing a major downgrade of its revenue forecast in 2022 for over 3 months.  Read More Here. Tackling AI-powered scams. ASIC has removed more […]

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