Category: News

On 23 July 2024, Mr Justice Rajah in the High Court of Justice approved the Joint Special Administrators’ (JSAs) plan for returning client money and custody assets to WealthTek clients. This follows action taken by the FCA last year to protect clients from further harm after discovering serious regulatory and operational issues. The JSAs will...

On 1 July 2023, the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 came into force, extending the financial reporting and auditing obligations under Chapter 2M of the Corporations Act 2001 (Corporations Act) to most registrable superannuation entities (funds). Superannuation trustees are now required to lodge audited financial reports for each fund within three...

ASIC’s annual insolvency data shows more than 11,000 companies entered external administration for the first time in 2023-24. While this is slightly higher than prior peaks seen in 2011–12 and 2012–13, it is proportionately smaller as there are now nearly 3.4 million companies in Australia compared to around two million in 2012. The current ratio...

£106m in redress has now been offered to 1,870 former British Steel Pension Scheme (BSPS) members to put them back in the position they would have been at retirement. More than 6,500 former members have been supported by the Financial Ombudsman Service (FOS), Financial Services Compensation Scheme (FSCS) or through our redress scheme. We have...

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published an Opinion on the Sustainable Finance Regulatory Framework, setting out possible long-term improvements. ESMA acknowledges that the EU Sustainable Finance Framework is already well developed and includes safeguards against greenwashing. At the same time, ESMA considers that, in...

Following an ASIC investigation, four people have been criminally charged for their alleged involvement in a coordinated scheme to pump up shares in Australian stock values before dumping them at inflated prices. Syed Yusuf, Larissa Quinlan, Emma Summer, and Kurt Stuart were charged in the Downing Centre Local Court with conspiracy to commit market rigging...

ASIC has secured travel restraint orders against Melbourne-based financial advisor Barry David King. The orders, which prevent Mr King from leaving or attempting to leave Australia until 1 April 2025, were made by the Supreme Court of NSW after an application by ASIC and were consented to by Mr King, without admission. The orders were...

LCL (firm reference number (FRN) 146522) has entered creditors’ voluntary liquidation. LCL is a regulated firm that acted as the bond administrator and Individual Savings Account (ISA) manager for a number of bonds via the ‘My Investment Hub’ platform. On 22 August 2023 we placed restrictions on LCL which prevented it from conducting regulated activities...

The Australian Securities and Investments Commission (ASIC) and the Office of the Australian Information Commissioner (OAIC) have signed a Memorandum of Understanding (MoU) for the sharing of data and privacy breach information. The MoU allows for information sharing, enabling the two agencies to proactively share information for the purposes of exercising powers or performing functions,...

ASIC has permanently banned former Sydney-based mortgage broker Aleksandra Frizzell following fraud convictions. Ms Frizzell was a mortgage broker, accredited with Beagle Finance Pty Ltd between 2013 and 2017 and Supra Financial Pty Ltd between 2017 and 2018. Between 2015 and 2019, Ms Frizzell dishonestly obtained funds from an employee, clients and people purchasing goods...