ASIC has issued two infringement notices to credit provider Jacaranda Finance Pty Ltd (Jacaranda) in further action to protect consumers against poor conduct by credit providers. Jacaranda is a credit licensee that, at the relevant times, offered loans up to $15,000, typically for 12 to 36 months. ASIC was concerned that a repayment estimate calculator...
Author: EMA Investments
Federal Court sanctions Getswift with record continuous disclosure penalty
The Federal Court has handed down the largest ever penalty against a company for breaching continuous disclosure laws, ordering GetSwift Limited (former ASX: GSW) (GetSwift) (in liquidation) to pay a penalty of $15 million. The Court described Getswift as a company that ‘became a market darling because it adopted an unlawful public-relations-driven approach to corporate...
Senate Economics Legislation Committee Senate Estimates – Opening statement – 16 February 2023
Opening statement by ASIC Chair Joe Longo at the Senate Economics Legislation Committee Senate Estimates, 16 February 2023. Check against delivery I am pleased to appear before the Committee today. I am joined today by Deputy Chairs Sarah Court and Karen Chester, Commissioner Danielle Press, Chief Operating Officer Warren Day, Executive Director of Strategy Greg...
ASIC cancels AFS licence of Strathnaver Capital Pty Ltd
ASIC has canceled the Australian financial services (AFS) license of Strathnaver Capital Pty Ltd (AFSL 520366). The license was canceled on the basis that Strathnaver Capital Pty Ltd has ceased to carry on a financial services business. ASIC may cancel an AFS license held by a body corporate without a hearing if the body ceases...
ASIC to expand enforcement focus areas in the coming year
ASIC has warned businesses it will be targeting greenwashing, predatory lending, and misleading insurance pricing promise this year, as part of a continuing focus on protecting consumers from financial harm. The warning coincides with the release of its latest enforcement and regulatory report, highlighting actions taken during the last three months of 2022, and outlining...
FCA takes action against unregistered crypto ATM operators in Leeds
The Financial Conduct Authority (FCA) has used its powers to enter and inspect several sites around Leeds suspected of hosting illegally operated crypto ATMs. The FCA gathered evidence from several sites around the city as part of a joint operation with West Yorkshire Police’s Digital Intelligence and Investigation Unit. Mark Steward, Executive Director of Enforcement...
FCA censures Amigo for failing to conduct adequate affordability checks
The FCA has publicly censured Amigo Loans Ltd for failing to conduct adequate affordability checks on borrowers and guarantors. The FCA would have imposed a fine of £72,900,000, however, Amigo demonstrated that this would cause it serious financial hardship. A fine would also have threatened Amigo’s ability to meet its commitments to a High Court-sanctioned...
publishes Framework to help deliver positive financial outcomes for First Nations people
ASIC today published its Indigenous Financial Services Framework (Framework). The Framework is part of ASIC’s role in supporting positive financial outcomes for First Nations people. A cornerstone of ASIC developing its Framework was through extensive and thorough consultations with First Nations peoples, financial services industry representatives, as well as fellow Government Departments, Agencies, and Regulators....
ASIC permanently bans former NSW based adviser
ASIC has permanently banned Sean John Sweeney of Lindfield, New South Wales, after he was convicted of fraud offenses on 4 November 2022. Mr. Sweeney is banned from providing any financial services, performing any function involved in the carrying on of a financial services business, and controlling an entity that carries on a financial services...
Former financial adviser Rahul Goel permanently banned
ASIC has permanently banned former Perth financial adviser Rahul Goel from having any involvement in financial services and credit activities. In December 2022, Mr. Goel was sentenced to three years imprisonment for fraud offenses to be released after serving 18 months, upon entering a $5000 recognizance to be of good behavior for two years. He...
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