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SMBC mulls new claims in $34M lawsuit over Forum Finance receivables
Financial Services 2023-01-31 3:34 pm By Cindy Cameronne

Japanese bank SMBC has foreshadowed an application to add claims against Humm Group after the fintech’s subsidiary allegedly misled the bank about receivables under contracts forged by a Forum Group entity.

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Financial planner pleads guilty to dishonesty on eve of criminal trial
Financial Services 2023-01-25 11:38 pm By Christine Caulfield

Melbourne stockbroker Bradley Grimm has pleaded guilty to charges of dishonesty following an investigation alleging Grimm — whose wife is a former ASIC employee — fleeced funds from clients.

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Companies hit with $150,000 penalty for failing to cooperate with AFCA
Financial Services 2023-01-24 6:08 pm By Sam Matthews

Two home finance companies and their father-son directors have been hit with $150,000 in penalties after a judge found they failed to cooperate with the Australian Financial Complaints Authority in an ASIC enforcement action and subjected AFCA staff to “inappropriate and unprofessional behaviour.”

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Thomson Geer snags Finlaysons partner for banking practice
Financial Services 2023-01-24 10:00 am By Cindy Cameronne

Thomson Geer has lured a long-standing partner from Adelaide firm Finlaysons to lead its banking and finance team after its former banking head partner decided to end his 40-year stint with the firm.

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Departing ASIC commissioner to head Vanguard’s in-house legal team
Financial Services 2023-01-17 2:02 pm By Sam Matthews

ASIC commissioner Sean Hughes will step down next month after taking a role with investment manager Vanguard – which paid a $40,000 fine to the corporate watchdog just last month.

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Harvey Norman, Latitude file ‘fine print’ defence to ASIC claims
ASIC 2023-01-09 3:44 pm By Sam Matthews

Retail giant Harvey Norman and consumer credit provider Latitude Finance have hit back at ASIC claims that they ran misleading ads for interest-free finance, saying reasonable consumers would have known additional conditions were laid out in the ads’ fine print.

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Ex-Spaceship Capital director wins appeal of banning order
ASIC 2023-01-06 12:48 pm By Sam Matthews

A former director of Spaceship Capital Limited has succeeded in overturning a banning order imposed by ASIC, with a tribunal finding he may have been kept in the dark about the software bug that led to the ban.

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‘Spurious’ arguments cost James Mawhinney in successful appeal of 20-year ban
Appeals 2022-12-22 11:10 pm By Christine Caulfield

The founder of investment group Mayfair 101 must foot half his costs of a successful appeal of a 20-year ban on fund raising because of the many “spurious” grounds of appeal he pressed.

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ACCC to weigh competition with, and without, Armaguard, Prosegur tie-up
Competition & Consumer Protection 2022-12-21 10:50 pm By Christine Caulfield

The proposed Armaguard merger with rival Prosegur will clearly reduce competition in the cash transport industry but the world without the tie-up might be just as bleak, the ACCC has said.

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‘ASX Wolf’ trader’s Instagram account was unlicensed financial services biz, court rules
Financial Services 2022-12-20 4:51 pm By Sam Matthews

Gold Coast ‘finfluencer’ Tyson Scholz provided illegal financial services by giving tips on his Instagram account and to customers who paid for access to his seminars and ‘Black Wolf Pit’ chat room, a judge has found.

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