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Commonwealth Bank and its former wealth management arm Colonial First State have agreed to pay $249 million to settle a class action worth $900 million that would have tested a novel theory of corporate responsibility with implications for companies’ use of AI.
In her first speech as chair of ASIC, Sarah Court has called for regulation of Big 4 accounting firms in the wake of the KPMG whistleblower scandal and warned the collapse of property developer Bathla may be the “first significant crack” in the private credit market.
Macquarie's board will no longer back the appointment of KPMG to replace PricewaterhouseCoopers as the group's auditor, following claims audit partners used confidential client information to win tenders.
A former director of collapsed over-the-counter derivatives broker Berndale Capital Securities has filed an appeal after he was sentenced to 23 months' prison for misusing company funds.
Sequoia Financial subsidiary Interprac has won access to internal AFCA documents, as it pursues action against the financial complaints watchdog over determinations linked to the defunct Shield and First Guardian investment funds.
A judge has declared super fund trustee Netwealth breached the Corporations Act in offering the First Guardian fund on its investment platform, which left more than 1,000 members exposed to $100 million in losses.
A swathe of reforms in the wake of the $1 billion failure of investment funds Shield and First Guardian will crack down on cold-calling by lead generators and arm regulators with enhanced powers to go after super fund trustees breaching their obligations.
The prudential regulator has imposed licence conditions on Bendigo and Adelaide Bank and will keep a $50 million capital add-on requirement, following a Deloitte analysis that found "material deficiencies" in its non-financial risk management.
A group of shareholders is pushing Commonwealth Bank to take steps to outline how its financing will become deforestation-free, claiming the bank's disclosures have not captured deforestation risks.
Fiducian Investment Management has copped a $7.3 million penalty after admitting that it made misleading representations about the ESG credentials of an investment fund, despite senior execs being warned about its exposure to fossil fuels.