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The Latest Breaking News from Sarah Court

Shoddy bank record-keeping hits savers as scammers lurk

Many Australian banks are flying blind when customers ask them to confirm the details of mortgage offset accounts, leaving thousands of borrowers at risk.

AAP

Banks charged mortgage holders $55m in extra interest after offset account errors, Asic finds

Australian banks ‘not getting the basics right’, regulator says after review of more than 200,000 home loans

The Guardian - AU

Audit firms to be investigated following KPMG scandal

Major consulting companies will have their audit firms investigated by the corporate watchdog in an inquiry triggered by allegations surrounding KPMG.

AAP

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Leaks, lawyers and a whistleblower: how did KPMG’s failings emerge – and could more have been done?

A parliamentary inquiry heard claims from one former employee that partners pursued ‘revenue growth at all costs’

The Guardian - AU

Australia imposes record $211 million fine on collapsed broker Union Standard, representatives

Australia's federal court has imposed a record A$300.2 million fine on Union Standard and its representatives. The foreign exchange broker engaged in misconduct between 2018 and 2020. They targeted inexperienced investors, pressuring them to deposit more funds. This action resulted in millions of dollars in losses for customers.

The Economic Times

Wider watchdog inquiry launched into consulting firm

The head of ASIC has confirmed a broader investigation is under way into Big Four consulting firm KPMG following allegations from whistleblowers.

AAP

'No procedure': watchdog defends keeping $3m KPMG contracts amid probe

Partnership loophole leaves watchdog powerless to discipline KPMG.

The Canberra Times

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'Blows my mind': KPMG's whistleblower issues collide

A consultancy firm facing claims it mishandled allegations of misconduct by a whistleblower was dealing with whistleblower complaints for major companies.

AAP

'I take accountability': top advisory firm leader quits

The head of KPMG Australia has resigned after the corporate regulator publicly confirmed in real time it is probing registered company auditors at the firm.

AAP

Do women need to exercise differently from men – and ease up on cardio after 40?

A lot of fitness advice is based on research into people who don’t have periods, give birth or go through menopause. How much of it should be modified – or even thrown out?

The Guardian - UK

Lenders told to 'support customers' facing hard times

Lenders must watch out for customers because the corporate regulator won't take a backward step as households face hardship, the outgoing ASIC chair will warn.

AAP

Major insurer unsure of next steps amid legal action

One of the nation's major insurers is unsure how to proceed in the face of legal action after thousands of customers lost promised online discounts.

AAP

Female head for corporate watchdog in milestone move

Jim Chalmers says the next head of Australia's financial watchdog, Sarah Court, is an experienced litigator and leader and will make a positive impact.

AAP

Treasurer announces first female head of ASIC

Former corporate lawyer Sarah Court will succeed Joe Longo as chair of the Australian Securities and Investments Commission.

AAP

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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

Super giant fined over alleged misleading greenwash ads

A major super fund has been fined for allegedly making misleading online advertisements, claiming it was committed to removing all carbon emission investments.

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.

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.

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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.

AAP

RAMS franchisees hit back over Westpac 'blame shifting'

Franchisees in a Westpac subsidiary accused of misconduct have challenged the findings and the bank's resulting termination of agreements.

AAP

'Uninhabitable, mouldy' home prompts insurance lawsuit

The national corporate regulator is taking a leading insurer to court over delays to a storm damage claim that has left a home mouldy and requiring demolition.

AAP

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.

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 Conversation

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 Guardian - AU

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’

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