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NAB agrees to $15.5M penalty for ignoring hardship claims
Financial Services 2025-06-13 11:14 pm By Andy Sidler

NAB has agreed to pay a $15.5 million penalty for failing to respond to customer hardship notices, around half the size of the penalty ASIC is seeking against Westpac for similar breaches of the Credit Code. 

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Australian Unity taken to court over $9.5M investment in risky mortgage fund
Financial Services 2025-06-11 11:55 pm By Andy Sidler

The Australian Securities and Investments Commission has launched action against Australian Unity, alleging it pumped more than $9.5 million into a risky mortgage scheme without properly vetting investors.

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Former CEO of BBY charged over $192M Aquila Resources acquisition
ASIC 2025-06-10 11:58 pm By Cindy Cameronne

The boss of defunct stockbroking firm BBY has been hit with criminal charges over the acquisition of $192 million shares in mining company Aquila Resources. 

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Failed NULIS class action can’t duck costs pending appeal
Class Actions 2025-06-05 11:27 pm By Sam Matthews

The lead applicant in a failed class action against ex-NAB super trustee NULIS Nominees has lost his bid to stay a costs order of some $12.5 million pending an appeal.

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Westpac’s RAMS taken to court over ‘widespread’ misconduct across franchise network
ASIC 2025-06-04 12:49 pm By Julia Kanapathippillai

Westpac’s mortgage subsidiary RAMS Financial Group faces penalty proceedings by the corporate regulator after admitting to “widespread” misconduct.

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HSBC manager found bank had ‘no understanding’ of liability under ePayments Code, court told
Financial Services 2025-06-04 11:03 pm By Sam Matthews

ASIC has expanded its case alleging HSBC failed to protect customers from scams, revealing a compliance manager at the bank had found that teams tasked with monitoring unauthorised transactions “had no understanding” of the liability provisions in the ePayments Code.

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Privilege waiver over Clifford Chance email doesn’t open door to discovery: court
Contracts 2025-06-02 11:51 pm By Andy Sidler

An email to lawyers at Clifford Chance relied on to show investor Fiona Lock’s understanding of a contested $150 million profit sharing deal with trading platform Pepperstone did not open the door to further correspondence.

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In ASIC win, Full Court says Qoin issuer not exempt under authorised rep rules
Financial Services 2025-05-30 3:26 pm By Sam Matthews

ASIC has succeeded in overturning a decision that found that Qoin issuer BPS Financial came within the authorised representative exemption with respect to agreements with Australian financial services licence holder PNI.

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‘No excuse’: ASIC slams poor practices by managed investment funds holding $1T
Financial Services 2025-06-02 11:35 pm By Julia Kanapathippillai

The corporate cop has found “widespread” compliance plan failures in the managed investment fund industry, and says it is investigating some fund managers for potential breaches.

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ASIC launches suit against missing ex-Blockchain Global director
Cryptocurrency 2025-05-28 11:55 pm By Andy Sidler

The corporate watchdog has brought proceedings against the former director of collapsed cryptocurrency exchange platform Blockchain Global for alleged violations of his directors duties. 

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