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Court demands greater transparency from ASIC in AMP insurance case
Financial Services 2019-01-30 3:17 pm By Miklos Bolza

ASIC has been ordered to reveal the extent of its communications with experts that are compiling a report central to its case against AMP over alleged insurance churning by one of its former financial advisers.

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One in five audits lack basis for giving financial reports the all-clear, ASIC finds
Financial Services 2019-01-24 9:50 pm By Christine Caulfield

The Australian Securities and Investments Commission has called for the big accounting firms to focus on “culture and talent” after a new report found one in five audits had no reasonable basis for clearing company financial reports of material misstatements.

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Frydenberg says not so fast on post-Hayne Commission reforms
Financial Services 2019-01-22 10:17 pm By Cat Fredenburgh

Treasurer Josh Frydenberg said new laws may not be needed to remedy the cracks in the  financial system laid bare during the Hayne Royal Commission. 

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Deep Investments’ case over $10M in share trading losses shut down
Financial Services 2019-01-22 1:32 pm By Miklos Bolza

An appeals court has shut down a case brought by investment adviser Deep Investments against a solicitor and six others over $10 million in alleged share trading losses, saying the proceedings were an abuse of process.

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Judge tosses Cash Converters’ ‘singular’ bid for recusal from settlement hearing
Class Actions 2019-01-18 10:41 pm By Christine Caulfield

A judge has shot down a bid by Cash Converters to recuse himself from hearing arguments for a $16.4 million class action settlement, saying his advice while still a barrister to the law firm running the proceedings did not give rise to apprehended bias.

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Herbert Smith Freehills to represent AMP in ASIC suit over Clayton Utz docs
Business of Law 2019-01-18 9:55 pm By Cat Fredenburgh

AMP has retained Herbert Smith Freehills — one of its go-to law firms — to represent it in legal proceedings by the Australian Securities and Investments Commission seeking documents from Clayton Utz as part of an ongoing investigation of the wealth manager’s fees-for-no-service conduct.

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Activist suing super fund REST over climate change plan can’t cap adverse costs
Financial Services 2019-01-18 3:29 pm By Cat Fredenburgh

An ecological landscaper suing the Retail Employees Superannuation Trust fund for an undeveloped climate change policy has lost an application for a maximum costs order in the public-interest case.

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Judge was wrong to halt cross-examination in Octaviar class action, court hears
Class Actions 2019-01-17 9:00 pm By Miklos Bolza

A judge that dismissed an investor class action against the Public Trustee of Queensland over the failure of investment firm Octaviar Group improperly intervened in the cross-examination of one of the class’ witnesses, one of the judges that will hear an appeal of the dismissal was told.

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ASIC asks High Court to clarify meaning of ‘officer’
Corporate 2019-01-16 9:58 pm By Miklos Bolza

ASIC is seeking approval from the High Court to appeal a judgment that let a former director of Gold Coast finance company MFS Group partially off the hook for $147.5 million in misappropriated funds, saying the High Court needs to clarify the scope of the word “officer” under the Corporations Act.

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NAB says customers could decide if credit card insurance was ‘worthless’
Financial Services 2019-01-16 12:01 pm By Miklos Bolza

National Australia Bank has rejected a class action’s claims that it pushed worthless credit card insurance onto its customers, saying it was up to the customers to determine the true value of the coverage.

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