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The Latest Breaking News from ASIC

Youpla funeral fund collapse: minister seeks advice on compensating victims

Stephen Jones says he needs to know scale of problem before committing to redress scheme

The Guardian - AU

Embattled buy now, pay later sector to be regulated under credit laws

Financial services minister Stephen Jones says government will also move to regulate cryptocurrency exchanges like other financial markets

The Guardian - AU

Consumer groups urge ASIC to mount full investigation into collapsed funeral fund Youpla

Letter from Save Sorry Business coalition also asks that regulator continue misleading and deceptive conduct case against company in federal court

The Guardian - AU

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Youpla: how Aboriginal funeral fund evaded regulators despite 30 years of complaints

State and federal authorities raised concerns periodically, but fund continued to target vulnerable people until its final collapse in March

The Guardian - AU

The inside story of the Aboriginal Community Benefit Fund collapse and the missing millions

For decades, First Nations people made contributions to the Aboriginal Funeral Benefit Fund. Now it's collapsed, thousands are asking: How was it allowed to trade for so long?

ABC News

Linda Burney says investigating Youpla funeral fund will be ‘top of my agenda’

Incoming Indigenous affairs minster says predicament of families affected by collapse of predatory funeral fund is ‘totally unacceptable’

The Guardian - AU

Wiradjuri native title deal with gold miner puts skills before royalties

The Wiradjuri Condoblin Corporation says it will operate the farms for profit, but the real benefit is being able to offer young Indigenous people job and learning opportunities.

ABC News

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We looked into the lobby group taking on rugby star turned would-be senator David Pocock. Here's what we found

Conservative lobby group Advance Australia has independent ACT Senate candidate David Pocock in its sights, with Facebook advertising data revealing that the group's offensive against the former rugby star is disproportionate to its campaigning against any other candidate.

ABC News

Cybersecurity risk ruling for fin services

RI Advice Group has breached its licence obligations by failing to have adequate risk management systems to manage its cybersecurity risks, a court has ruled.

AAP

Gold Coast fund manager jailed for fraud

A Queensland fund manager who defrauded investors of $299,600 over 13 months from November 2012 has been jailed following a lengthy investigation by ASIC.

AAP

Melissa Caddick's husband ordered to hand over Dover Heights home owned by Sydney fraudster

Melissa Caddick's mansion in Sydney's eastern suburbs will go under the hammer as liquidators attempt to recoup the $23 million she swindled out of investors through her Ponzi scheme.

ABC News

Clive Palmer, his money and his billboards are back. What does this mean for the 2022 federal election?

Clive Palmer has had a tough run leading up to the 2022 election campaign. He faced COVID-19 without the protection of vaccination in March, tripped at his National Press Club speech and reported being knocked unconscious for about 20 seconds when he fell during a rehearsal for his United Australia…

The Conversation

With interest rates about to start rising, experts estimate almost 300,000 mortgage borrowers are at serious risk of default

As interest rates rise, almost 300,000 people who took large and risky home loans during the pandemic could fall into severe financial hardship or even default.

ABC News

Australia's overheated property market has become a target for hackers — and they're scamming millions

Property settlement scams are becoming more common, as house prices rise and scammers turn their focus to the large and often lightly protected sums of money earmarked for home deposits.

ABC News

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The Guardian - AU

Westpac fined $40m for charging fees to the dead

Judge says bank ‘utterly failed to address the issues systematically’ as its total penalties for misconduct rise to $130m

ABC News

Buy now, pay later businesses popping up in agriculture industry

If a farmer needs to buy cattle or grain, should they be approved for huge loans within 48 hours? The buy now, pay later industry moves in on farmers who could take advantage of six to 12-month loans.

The Guardian - AU

Legal action launched against Australian companies accused of overcharging the vulnerable for electronics and whitegoods

Asic launches action accusing Rent4Keeps and Layaway Depot of charging interest rates as high as 600% on disguised loans for whitegoods and mobile phones

ABC News

Melissa Caddick's suspected death to be investigated by NSW Coroner in September

A coronial inquest into Melissa Caddick's suspected death will begin in September — about 18 months after the 49-year-old fraudster's foot washed up on a NSW beach.

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news in one place.

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The Guardian - AU

Government urged to allow Asic to decide claims against itself after investors left in limbo

Former speaker says treasurer Josh Frydenberg should authorise corporate regulator to decide claims under compensation scheme for defective administration

ABC News

Did ASIC just kill the 'finfluencer'? Corporate regulator cracks down on unlicensed advisers

Social media content creators known as "finfluencers" are hugely popular with young people, but they could end up in jail if they don't shut down.

The New Daily

Find a ‘balance’: How to avoid the pitfalls of social media finance advice

Men are more likely than women to follow financial advice from a social media influencer, research by online trading brokerage Global Prime shows.

Pedestrian.tv

Finance Influencers AKA Finfluencers Could Cop 5 Years In Jail If They Breach These Guidelines

A 2021 ASIC survey suggested 33% of 18 to 21-year-olds follow finance influencers on social media.

The Guardian - AU

Arron Wilson was told his funeral fund would help his family – now his money is gone

Calls for compensation as Youpla Group’s collapse leaves thousands of Indigenous Australian policyholders with nothing

ABC News

Melissa Caddick's husband Anthony Koletti pens scathing letter, claiming ASIC 'dehumanised' his wife

The husband of Sydney fraudster Melissa Caddick says no-one will ever know whether his wife was murdered as an investigator from the corporate watchdog allegedly removed CCTV from the pair’s home.

ABC News

Funeral insurer quietly enters administration, told to explain itself by financial regulator

ASIC says funeral insurer Youpla has created uncertainty among its primarily Indigenous customer base after announcing four branches of the company had folded last week, leaving thousands of clients in the lurch.

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