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The Latest Breaking News from ASIC

CBA to repay $68m in fees to low-income customers

Following a report by ASIC, the Commonwealth Bank says it's repaying $68 million to low-income customers who incurred unusually high banking fees.

AAP

'Unconscionable': major bank's record fine bumped up

ANZ has been fined $250 million for widespread misconduct and systemic ‍failures that impacted the federal government, taxpayers ‌and thousands of customers.

AAP

ASX shares slide to seven-year low after damning report

ASX Limited shares have fallen to their lowest level since 2018 after the market regulator said it would require it to hold another $150 million in capital.

AAP

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HyperVerse promoter ‘Bitcoin Rodney’ accuses Australian Sam Lee in US court of duping him with ‘elaborate deception’

Rodney Burton says in Maryland district court memorandum he acted in good faith when promoting scheme that allegedly defrauded investors of US$1.89bn, but Lee calls claims ‘baseless’

The Guardian - AU

Slow whistleblower reform take up in corporate sector

Whistleblowers are having a harder time coming forward in some large companies that have failed to implement reforms to encourage disclosures about wrongdoing.

AAP

Many super funds are still failing retirees, even as millions prepare to stop work

Too many superannuation funds are still failing to provide sufficient support to retirees, three years after being urged to lift standards, Australia’s top regulators have warned.

The Conversation

'Sad': bank boss blasts Australia's energy transition

The boss of one of Australia's biggest banks has excoriated the debate around net zero, saying power bills could be heavily reduced if renewables are harnessed.

AAP

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Big bank boss takes swipe at surcharge ban consequences

As the Reserve Bank considers a ban on credit card surcharges, the head of the nation's biggest bank has warned of "wrong assumptions" about the payments.

AAP

Global expat tells Australia to lift its economic game

Regulation must be slashed and company tax rates lowered for the nation to boost low productivity growth, the Australian head of a global economic body warns.

AAP

'Industrial-scale misconduct' in $667m super scandal

A court showdown between the corporate regulator and a financial planning giant is on the cards as nearly $700 million in super investments hang in the balance.

AAP

Some people choosing DIY super are getting bad advice, watchdog warns

It’s no secret Australians are big fans of a do-it-yourself (DIY) project. How many other countries have a weekend sausage sizzle at a hardware store embedded in their national mythology?

The Conversation

Bank giant, energy providers rebuked in Shonky awards

A bank that won't refund customers fees it incorrectly charged has topped the annual list of dodgy business behaviour from consumer advocates Choice.

AAP

'Minsky moment': watchdog boss warns of market collapse

The corporate watchdog has flagged easing reporting requirements for smaller firms while warning private credit to shape up or face tougher regulation.

AAP

Commonwealth Bank, Temu and HCF among those named at this year’s Shonky awards

Choice’s annual list also includes the entire energy retail sector for allegedly hoodwinking customers with confusing prices

The Guardian - AU

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The Guardian - AU

‘No empathy’: Australian banks under fire for failing customers in hardship

Banks have continued to dismiss thousands of requests for help despite facing regulatory action enforcing their obligation to work with struggling clients

International Business Times

WiseTech Global Offices Raided by Police, Regulators Over Chairman Richard White's Share Trading

WiseTech Global headquarters raided by Australian Federal Police and ASIC investigating chairman Richard White's alleged share trading violations. Stock plunges 17% as investigation unfolds.

AAP

Tech giant founder targeted as federal police raid firm

Shares in Australian technology giant WiseTech are in freefall, down 15 per cent in early trading, after revelations of an ASIC-AFP raid.

AAP

Massive fine for home loan compliance failures

Defunct home lender RAMS has been fined $20 million by the Federal Court after admitting to widespread misconduct over a four-year period.

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inkl

Australia Brings Crypto Under Banking Rules With Sweeping Reform

Australia's Treasury dropped new rules in September that flip the script for crypto platforms.

The Guardian - AU

Australian banks ignore thousands of customers’ hardship requests

Exclusive: Automated systems have generated ‘cookie cutter’ responses that fail to account for individual circumstances, financial ombudsman says

AAP

Who owns that company? Find out in 2028 for just $207m

A new searchable company register list will allow the public to discover which people and firms own Australian companies.

The Conversation

Beyond Qantas’ data leak, Australian finance companies are also at risk of offshore hacks

Australians are once again being warned to tighten their online security and be extra alert to scammers, after up to 5.7 million Qantas customers’ personal details – including phone numbers and birthdays – were leaked to the dark web on Sunday.

AAP

Ethical investment fund lashed for 'backing polluters'

An investment fund named after the Latin word for "trust" has been accused of misleading and deceptive conduct by the corporate regulator.

Benzinga

Australian Market Struggles With Closing Top Deals

Australia’s inability to close top MA deals is becoming a growing frustration. The collapse of Abu Dhabi National Oil Company’s (ADNOC) $18.7 billion takeover bid for Santos (OTCPK: SSLZY) (the nation’s biggest supplier of natural gas) earlier this month is just the latest example. Valuation disputes, regulatory hurdles, and unexpected…

AAP

Macquarie to compensate investors in failed Shield fund

Financial services giant Macquarie will reimburse investors $321 million over a failed retirement scheme which magnified concerns over the sector's oversight.

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