ASIC has published a summary document on building an understanding of First Nations consumers experiencing, or at risk of, financial abuse following a virtual workshop hosted on 14 March 2024. The workshop with financial services industry representatives explored how industry can adopt community led solutions to support consumers. The workshop provided context on the unique...
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Southern Steel Group Pty Limited re-lodges FY23 financial report with comparatives
Southern Steel Group Pty Limited (Southern Steel) has re-lodged its financial report for the year ended 30 June 2023 after ASIC’s inquiries. Southern Steel is a large proprietary company, required to prepare an audited financial report, but was exempt from lodging it with ASIC under ‘grandfathering’ provisions. Following amendments made by the Treasury Laws Amendment...
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ASIC and APRA release notes on latest Superannuation CEO Roundtable
The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) are releasing the public notes on the Superannuation CEO Roundtables held on Wednesday 27 March and Thursday 28 March 2024. The Roundtables were hosted by ASIC Commissioner Simone Constant and APRA Executive Director Carmen Beverley-Smith. They were attended by 20 superannuation...
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NSW financial adviser Adele Baaini permanently banned from credit and financial services industries
ASIC has permanently banned NSW based financial adviser Adele Baaini from providing any financial services, controlling an entity that carries a financial services business, performing a function involved in the carrying on of a financial business or from engaging in credit activities. ASIC found Ms Baaini engaged in dishonest conduct and failed to act with...
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ASIC releases March 2024 financial adviser exam results
ASIC today released the exam results from the 24th Financial Advisers Exam cycle, held in March 2024. This is the first exam to reflect the amendments in the Corporations (Relevant Providers—Education and Training Standards) Amendment (2024) Measures No. 1) Determination 2024. The exam, conducted by the Australian Council for Educational Research (ACER) since inception, follows...
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ASIC orders end to Centrepay credit arrangements in Urban Rampage stores
ASIC has ordered that Coral Coast Distributors (Cairns) Pty Ltd can no longer sign-up customers into Centrepay credit arrangements in its Urban Rampage stores. The decision comes after ASIC found that those arrangements were unsuitable for consumers in Coral Coast’s target market because they were unlikely to be consistent with their financial situation and placed...
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Individual charged with investment fraud over unauthorised multimillion pound ‘Kube Trading’ scheme
The Financial Conduct Authority (FCA) has launched criminal proceedings against Lee Steven Maggs of Sittingbourne, Kent, for 2 counts of fraud and 1 count of breaching the Financial Services and Markets Act 2000 (FSMA). Mr Maggs is alleged to have operated an unauthorised investment scheme called ‘Kube Trading’ which received around £2.67m from investors between...
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FCA secures £533,000 to return to investors
The FCA has recovered funds from an unauthorised deposit-taking scheme operated by Bright Managment Solution Limited [sic] and others. Investors will receive money back totalling £533,000 after the High Court granted a distribution order to the FCA. The FCA recovered the money from Bright, Soccer League International Limited, and three individual defendants, Mohammed Zakir Hussain,...
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FCA confirms anti-greenwashing guidance and proposes extending sustainability framework
Ahead of the anti-greenwashing rule coming into force on 31 May, the FCA is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers by ensuring sustainable products and services they are sold are accurately described. Results from the latest Financial Lives survey shows significant consumer interest...
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Start preparing now: Early ASIC guidance on the mandatory climate disclosure regime
Check against delivery More than 6,000 entities will be required to report under new climate-related disclosure requirements in the next few years. They need to start preparing for the future, now. As I’ve said before, the growing interest in environmental, social, and governance (ESG) issues is driving the biggest changes to financial reporting and disclosure standards...
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