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Investors lost $500M trading CFDs, new class action alleges
Financial Services 2023-11-27 11:04 am By Cat Fredenburgh

Sydney-based online broker International Capital Markets is facing a class action by inexperienced investors who allegedly lost $500 million in trading risky contracts for difference.

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ACCC again calls for regulation as digital platforms expand reach
Competition & Consumer Protection 2023-11-27 10:54 pm By Cat Fredenburgh

The Australian Competition and Consumer Commission has again called for new laws to regulate digital platforms as they creep further into the daily lives of Australians through smart home devices and personal cloud storage.

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ACCC accuses online training provider of misleading consumers
Competition & Consumer Protection 2023-11-24 10:22 pm By Cat Fredenburgh

The competition regulator has taken training provider Express Online Training to court for allegedly misleading consumers by promising they would only be charged for their online courses upon completion and that the courses could be finished in one day.

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Mercer Financial hit with $12M penalty for fees-for-no-service conduct
Financial Services 2023-11-23 3:13 pm By Sam Matthews

A judge has ordered wealth manager Mercer Financial Advice to pay a $12 million penalty for “extremely serious” fees-for-no-service conduct and breaches of its fee disclosure obligations, in a case brought by the Australian Securities and Investments Commission. In the case, filed in June last year,  ASIC alleged that Mercer charged 761 customers a total…

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ASIC dodges indemnity costs for ‘unreasonable’ rejection of settlement in case against liquidator
Restructuring & Insolvency 2023-11-23 9:21 pm By Cat Fredenburgh

ASIC has escaped an individual insolvency practitioner’s bid for indemnity costs in its failed case alleging illegal phoenix activity, with a judge finding the regulator did not unreasonably reject a settlement offer that would have netted it “a considerably better result” than it won at trial.

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‘Pandemic has passed’: FWC finds employees can be forced back to office
Employment 2023-11-21 4:21 pm By Cat Fredenburgh

The Fair Work Commission has found that a salary packaging provider had “reasonable business grounds” to force workers back to the office, rejecting an employee’s bid to work full-time from home. 

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Nuix failed to disclose disappointing results after $1.8B float, court told
Trials 2023-11-20 9:25 pm By Sam Matthews

Nuix had information in January 2021 which undermined the growth story presented to the market in the prospectus for its IPO, a court has heard on the first day of ASIC’s case against the tech company and a handful of former directors.

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ASIC can’t temporarily block payday lenders from charging fees
Financial Services 2023-11-16 9:54 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has lost its bid to temporarily restrain payday lenders Cigno and BSF Solutions from enforcing loan fees against 7,000 customers, with a judge finding an injunction could destroy their businesses.

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‘Great distance’ between sides in AUSTRAC’s case against Star, court told
AUSTRAC 2023-11-15 2:30 pm By Christine Caulfield

Star Entertainment has made admissions in AUSTRAC’s action alleging non-compliance with anti-money laundering and counter-terrorism financing laws, but there are still substantial issues in dispute, a court has heard.

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HESTA pays fine for misleading performance figures in social media ads
Financial Services 2023-11-10 3:22 pm By Christine Caulfield

Superannuation fund trustee H.E.S.T Australia has paid a $48,600 fine after being slapped with three infringement notices by the corporate regulator over alleged misleading statements in Facebook and Instagram ads.

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