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The Latest Breaking News from ASIC

Asic bolsters its cryptocurrency team and looks to regulate more digital assets

The regulator’s potential move to classify cryptocurrencies as financial products would make selling them much more difficult

The Guardian - AU

AMP fined $14.6 million in Federal Court over 'fee for no service' scandal

The Federal Court imposes a $14.6 million fine on embattled wealth manager AMP, which ripped off customers by charging them fees without providing a service in return.

ABC News

'Not isolated': Dixon Advisory fined $7.2m for best interest breaches

Six representatives made 53 breaches during a 3.5-year period.

The Canberra Times

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Director ban overturned for unfairness

A company director has had a 20-year ban overturned but will face a fresh court hearing after a judge ruled in favour of a case that hadn't been argued by ASIC.

AAP

Calls for ASIC to investigate The Star Entertainment Group after report finds company 'not suitable' to run casino in NSW

NSW Independent Casino Commission chief Philip Crawford says the corporate regulator should "have a good hard look" at The Star Entertainment Group, after a report this week found the company was "not suitable" to hold a licence for its Sydney casino.

ABC News

Caddick inquest hears of unusual behaviour

The inquest into fraudster Melissa Caddick's disappearance has been told her husband was being vague and giving conflicting stories to police.

AAP

Cops Investigating Melissa Caddick’s Death Planned To Throw Dead Pigs Wearing Shoes Into Ocean

My head is spinning.

Pedestrian.tv

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Sydney news: NSW parliament to be adjourned following Queen Elizabeth II's death

MORNING BRIEFING: NSW Premier Dominic Perrottet is due to attend parliament briefly this morning to move a motion to adjourn proceedings as a mark of respect for Queen Elizabeth II.

ABC News

Experts cast doubt over Sydney fraudster Melissa Caddick's foot amputation theory, inquest hears

Expert witnesses say it would be "unlikely" and "extremely difficult" for alleged Sydney fraudster Melissa Caddick to amputate her own foot, an inquest hears.

ABC News

Australians are losing billions in scams and there are calls for banks to pay them back

Sylvia Chou was looking forward to a comfortable retirement before she fell victim to an online investment scam, that she said her bank NAB should have stopped.

ABC News

Youpla funeral fund: compensation scheme to begin for Aboriginal victims of predatory insurer

Exclusive: People who took out insurance with collapsed insurer at 1 April 2020 to receive payout equal to original promised amount

The Guardian - AU

Katy Gallagher and Stuart Robert call for investigation into Greywolf Resources on Q+A, after Aussies lose millions

The Shadow Assistant Treasurer joins calls for ASIC to look into Greywolf Resources, after dozens of Australians lose their hard-earned savings by investing in the purported mining exploration business.

ABC News

Alan Kohler: To reform financial advice, start again

The regulation of financial advice in Australia has been a disaster, swinging from not enough to too much of the wrong sort. We need a new copper.

The New Daily

Gas giant Santos accused of 'greenwashing' clean energy claims, in Federal Court case

One of Australia's largest oil and gas companies is being taken to court over claims of 'greenwashing' its clean energy credentials.

ABC News

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ABC News

The Greywolf 'goldmine' that never paid off and the elusive man behind it all

Novice investors were convinced to place their hard-earned money in Greywolf, assured of life-changing riches. Instead, they became part of a trail of financial destruction.

ABC News

The banking industry overseer wants more powers, but will it get them?

Three years after it was formed, the committee enforcing breaches of the Banking Code of Practice has used its most serious sanction just twice. That power is writing the name of a bank on a report.

AAP

Sydney debt collector resists $3.25m fine

A Sydney debt collector which admitted harassing and threatening customers has complained a $3.25 million penalty sought by ASIC would destroy its business.

ABC News

Queensland farmer battling Suncorp Bank vows to keep pushing to fix financial services

A farmer who looks set to lose his farm vows to keep fighting for accountability in the financial sector and its lending practices.

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The Conversation

How 'bad credit' lender Cigno has dodged ASIC's grasp

Cigno is exactly the sort of business the Australian Securities and Investments Commission had in mind when it asked for stronger powers to ban the sale of harmful financial products.

ABC News

'Greedy and evil' payday lender Cigno's game of cat and mouse with ASIC continues

ASIC is investigating whether a third lending model set up by "predatory" payday lender Cigno is legal, while the company takes its fight to be exempt from credit laws to the High Court.

The Guardian - AU

Labor pledges $4m for Aboriginal families affected by Youpla funeral fund collapse

The emergency relief package for families struggling to pay for burials includes a payout for expenses equal to the one they were promised by the disgraced insurer

The Guardian - AU

Youpla funeral insurance founder’s multimillion-dollar yacht arrives in Vanuatu

The company founded by Ron Pattenden collapsed owing millions in unpaid policies to thousands of low-income Aboriginal families

ABC News

New data shows disadvantaged towns paid high price for failed funeral insurer Youpla

New data shows that when funeral insurance company Youpla went into liquidation in March, some of Australia's most disadvantaged towns paid the heaviest price.

The Guardian - AU

Albanese government to force super choice funds to provide performance dashboard

Exclusive: Financial services minister Stephen Jones wants complex funds to provide the same data already required of simpler funds

ABC News

Funeral insurer Youpla 'grew and grew' off welfare payments, then collapsed

In 2013, the government was warned that allowing funeral insurers to access Centrelink payments could end badly for customers. Almost a decade later, it did.

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