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Joint Regulatory Oversight Committee sets out recommendations for the next phase of open banking in the UK

Today, the Joint Regulatory Oversight Committee (JROC), co-chaired by the FCA and the Payment Systems Regulator (PSR), has published its recommendations for the next phase of open banking in the UK. The JROC is playing a leading role in taking the next steps to realise the full potential of open banking, which currently has over...

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ASIC bans Gold Coast director for eight years for promoting illegal early release of super

ASIC has banned Gold Coast director Darren Thomas Edden-Brown (also known as Darren Brown, Darren Edden Brown and Darren Thomas Brown), from providing financial services and engaging in credit activity for eight years. He is also banned from controlling, or performing any functions as an officer of, an entity that carries on a financial services...

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Former Gold Coast property scheme promoter Anthony Silver sentenced to eight and a half years imprisonment

Anthony Keith Silver (also known as Tony Silver) of Hobart, Tasmania, was today sentenced to eight years and six months imprisonment for fraud totalling $1.815 million, following an ASIC investigation. Mr Silver was the shadow director of Capital Growth International Club Pty Ltd and All About Property Developments Pty Ltd (the scheme companies), which raised...

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Atomos Limited derecognises trade receivables and deferred revenue

Following inquiries by ASIC, Atomos Limited (Atomos) has made amendments to the prior period comparative information in its financial report for the half-year ended 31 December 2022.   Atomos derecognised trade receivables and deferred revenue of $8,689,000 in the 30 June 2022 comparatives in its half-year report. In its financial report for the full year ended 30...

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Permanent injunctions ordered against social media finfluencer Tyson Scholz

The Federal Court has made permanent injunctions against social media finfluencer Tyson Robert Scholz, prohibiting him from carrying on a financial services business in Australia in contravention of the Corporations Act. In December 2022, the Court found Mr Scholz had contravened s911A of the Corporations Act by carrying on a financial service business between March...

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Former financial adviser Kristofer Ridgway permanently banned

ASIC has permanently banned Brisbane-based former financial adviser Kristofer Ridgway from having any involvement in financial services. ASIC determined a permanent ban is necessary due to concerns that Mr Ridgway is not a fit and proper person to provide financial services, is not adequately trained or competent to provide financial services, and is likely to...

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ASIC continues to act against SMSF auditors

ASIC has acted against a further 11 self-managed superannuation fund (SMSF) auditors for breaches of their obligations. This included breaches of auditing and assurance standards, independence requirements, registration conditions, or because ASIC was satisfied the individual was not a fit and proper person to remain registered. Over the period 1 October 2022 to 31 March...

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The USD LIBOR panel ceases at end-June 2023: Are you ready?

Following the successful cessation of the GBP LIBOR panel and widespread market adoption of the Sterling Overnight Index Average (SONIA), the Working Group on Sterling Risk-Free Reference Rates (the Working Group) concluded that it had met its original objective to ‘catalyse a broad-based transition to SONIA across sterling derivative, loan and bond markets’. To address...

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British Steel pension redress scheme legal challenge dropped

We welcome the British Steel Adviser Group’s (BSAG) decision to drop the legal challenge against our decision to set up a redress scheme for former British Steel Pension Scheme (BSPS) members. Our view all along has been that the challenge was without merit and that we would vigorously defend the scheme. This challenge has, in...

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ESAs propose amendments to extend and simplify sustainability disclosures

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have today published a Consultation Paper with amendments to the Delegated Regulation of the Sustainable Finance Disclosure Regulation (SFDR). The ESAs are proposing changes to the disclosure framework to address issues that have emerged since the introduction of SFDR. The authorities seek feedback on...