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In win for ASIC, judge rules Mayfair misled investors about risk
Financial Services 2021-03-23 3:24 pm By Miklos Bolza

A judge has handed ASIC a victory in finding that investment group Mayfair 101 misled investors about the level of risk of its financial products, […]

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Greensill Capital owes creditors more than $1.75B, faces likely liquidation
Restructuring & Insolvency 2021-03-19 11:27 pm By Christine Caulfield

The Australian unit of Greensill Capital is heading for liquidation owing creditors in excess of $1.75 billion, administrators revealed Friday. The administrators, from Grant Thornton, […]

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Wolf of Wall Street wannabe cops 10-year ban for ‘serious’ disregard for compliance
Financial Services 2021-03-18 2:42 pm By Miklos Bolza

The director of now defunct foreign exchange and derivative trader Forex Capital Trading has been banned from providing financial services for 10 years after ASIC […]

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‘A disappointing result’: Judge approves $25M settlement in Dick Smith class actions
Class Actions 2021-03-17 11:52 pm By Cat Fredenburgh

A judge has approved a “disappointing” $25 million settlement in long-running class action litigation over the collapse of electronics retailer Dick Smith with claims worth […]

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ASIC says auditors weren’t required to school iSignthis on disclosure obligations
Financial Services 2021-03-16 10:17 pm By Cat Fredenburgh

ASIC has fired back at iSignthis’ defence to the regulator’s claims that it violated the Corporations Act by not disclosing $3 million in one-off revenue […]

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ASIC brings first COVID-19 case with action against ClearLoans over hardship requests
COVID-19 2021-03-16 3:37 pm By Miklos Bolza

ASIC has launched its first case related to the COVID-19 pandemic, targeting personal lender ClearLoans for allegedly contravening the hardship provisions of the credit laws […]

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APRA closes Westpac money laundering investigation, keeps $1B capital add-on
Financial Services 2021-03-12 9:11 pm By Cindy Cameronne

APRA has closed its probe into Westpac after finding no evidence it breached anti-money laundering laws, but the regulator has maintained a requirement that the […]

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‘Bit of a stretch’: Judge looks dimly on Squirrel’s defence in ASIC case
Financial Services 2021-03-12 4:30 pm By Cindy Cameronne

A judge has questioned fintech company Squirrel Super’s defence in ASIC’s case alleging it made false and misleading statements about returns on property investments, saying […]

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CBA says ‘non-existent’ chance it will make admissions in ASIC’s conflicted remuneration case
Financial Services 2021-03-11 7:27 pm By Cindy Cameronne

The Commonwealth Bank of Australia has told a judge there’s no chance it will admit to ASIC’s allegations that it accepted conflicted remuneration through the […]

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Full Court dashes Bendigo and Adelaide Bank’s hopes of saving ‘community bank’ trade mark
Intellectual Property 2021-03-11 4:47 pm By Cat Fredenburgh

Bendigo and Adelaide Bank has lost its appeal of a ruling that revoked its 22-year-old ‘community bank’ trade mark, with the Full Federal Court agreeing […]

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