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The Latest Breaking News from ASIC

Multiple warnings and huge fines are not stopping super funds, insurers and banks overcharging customers

Last week the Federal Court fined Australia’s biggest superannuation company, AustralianSuper, A$27 million for overcharging customers.

The Conversation

'Can't work in the dark': ASIC calls out private market

Financial watchdog ASIC is concerned about a lack of transparency in the growing private equity and private credit markets, as well as a slowdown in IPOs.

AAP

‘Multiple red flags’: ASIC’s court case against Star executives shows the risks of complacency

This week the corporate regulator is taking on executives and directors of Star Entertainment in the Federal Court, in a landmark case for Australian corporate governance.

The Conversation

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'No-brainer' home ownership boost for HECS debt Aussies

Australians saddled with student debt who want to enter the housing market will be given a helping hand, under changes to lending requirements.

AAP

Thousands of Australian pets may soon have ‘useless’ microchips. It’s a symptom of a bigger problem

Late last year, rumours swirled online that HomeSafeID, a private Australian pet microchip registry, had stopped operating.

The Conversation

Star heads accused of turning blind eye to illicit cash

Executives at troubled gambling firm The Star allegedly put profit over risk management by ignoring the potential criminal cash washing through its casinos.

AAP

The 'existential' threat facing the corporate watchdog

Corporations and regulators are struggling to adapt to modern business conditions and regular Australians are suffering as a result, says ASIC boss Joe Longo.

AAP

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Scams lawsuit sends a message to Australia's banks

The corporate cop has put the nation's banks on notice after filing a civil case against HSBC Australia over its alleged failure to stop $23 million in scams.

AAP

Predatory rent-to-buy operators barred from Centrepay debit system in sweeping Albanese government reforms

Exclusive: ‘High-risk services’ will be removed, including companies providing consumer leases and household goods

The Guardian - AU

Not just Cbus: 10 largest super funds had thousands of complaints over death and disability claims

Data from the financial watchdog strongly supports Asic’s claim ‘there is a systemic issue’ across the superannuation sector, advocate says

The Guardian - AU

NAB sued for failing customers in financial hardship

Customers facing issues such as domestic violence and serious medical conditions were let down by NAB in their requests for support, a lawsuit alleges.

AAP

ASIC’s lawsuit against Cbus has put the big super funds on notice

Does your superannuation fund also provide you with insurance? Many of us are automatically enrolled without even realising. Now, the way super funds handle such claims has been thrust into the spotlight.

The Conversation

Australia’s $3.9tn superannuation sector is under scrutiny. What sparked the Cbus scandal and what does it mean?

Asic has lodged federal court proceedings against Cbus after allegations the super fund failed its members ‘at their most vulnerable time’

The Guardian - AU

Boss 'sorry' as super fund resolves thousands of claims

Super fund Cbus has resolved thousands of disability and death claims subject to legal action by the financial regulator, a parliamentary inquiry has been told.

AAP

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AAP

Super fund in strife over $20m in delayed payments

Superannuation fund Cbus has been accused of failing to process $20 million worth of death and disability claims in a timely manner.

The Guardian - AU

Man charged with murder after woman’s body found in Penrith hotel – as it happened

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AAP

Corporate cop wants finer silk to take on big business

Commonwealth caps on how much the financial market regulator can pay lawyers are giving major corporations an advantage in court.

The Conversation

The ‘big 4’ accounting firms often consult for the same clients they audit. Should that be allowed?

Public trust in the auditing profession is under intense pressure. A series of high-profile scandals, both in Australia and overseas, has severely damaged its reputation.

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AAP

Insurer misled with claim on pre-existing conditions

Health insurer HCF wrongly claimed it could deny coverage to someone with a pre-existing condition, even if they had not been diagnosed when signing up.

AAP

One ASIC more than enough, says corporate cop chief

Splitting the Australian Securities and Investments Commission doesn't have the backing of the chairman who says a funding boost is needed to catch more crooks.

AAP

Regulator sues QBE over broken discounting promise

The Australian Securities and Investments Commission has launched civil proceedings against QBE over its discounting claims from 2017 to 2022.

AAP

Harvey Norman misled customers with 'interest-free' ads

Retail giant Harvey Norman misled consumers with a widespread ad campaign offering interest-free and no-deposit purchase options, the Federal Court has ruled.

The Conversation

Could a recent ruling change the game for scam victims? Here’s why the banks will be watching closely

In Australia, it’s scam victims who foot the bill for the overwhelming majority of the money lost to scams each year.

The Conversation

How did public service leaders talk to staff about Robodebt? What they said – or didn’t – is revealing

In July 2023, after the release of the damning Robodebt Royal Commission report, Prime Minister Anthony Albanese declared:

The Conversation

Do recent class actions against ‘flex commission’ car loans mean consumer voices are getting stronger?

It’s been more than five years since the banking royal commission, but its findings continue to have an impact on the financial services sector.

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