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A judge has questioned why ASIC is still pursuing its case CBA unit Colonial First State over statements made to 12,000 fund managers during the transition to MySuper accounts, after the bank admitted it misled members in 61 of the 80 phone calls at the heart of the case.
A former financial advisor employed by an IOOF unit accused of taking hefty commissions for steering investors towards risky investments contravened the financial advice provisions of the Corporations Act, a judge has found.
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, a ruling that will expose the group to pecuniary penalties at a time when a number of its entities have been wound up.
Whistleblower JPMorgan can't be a witness in a criminal cartel case over a $2.5 billion ANZ share placement that has ensnared several investment banks and top executives and claim privilege over witness statements relevant to the case, a court has heard.
The Acting Attorney-General has made two appointments to the Federal Court, including the barrister representing ASIC in its high-stakes cases against Rio Tinto and GetSwift.
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 found he had a serious lack of regard for compliance while overseeing the firm's Wolf of Wall Street-esque trading floor culture.
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 related to integration agreements, saying it was not the job of its compliance officials to school the fintech on its disclosure obligations.
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 that resulted in "significant consumer harm".
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 it “looked like a bit of a stretch” at first glance.
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 sale of its Essential Super product, likening the matter to ASIC’s failed ‘Wagyu and shiraz’ case against Westpac.