Category: News

On 12 January 2024, the Administrative Court refused permission for Promethean Finance Limited to bring a judicial review claim to challenge the FCA’s rules that ban referral fees for debt packagers. Debt packagers are regulated providers of debt advice, who typically don’t provide debt solutions themselves. The FCA introduced rules last year which banned debt...

ASIC has filed a contempt application in the Federal Court against Joshua David Fuoco, the Melbourne-based former director of Wealth & Risk Management Pty Ltd. On 5 February 2018 Mr Fuoco was ordered by the Federal Court not to carry on, or be involved in, a financial services business for ten years. ASIC alleges that...

Former company secretary of Continental Coal Limited (in liquidation), Jane Rosemary Flegg, has pleaded guilty to three criminal charges following ASIC’s investigations into Continental Coal and Citation Resources Limited. On 17 January 2024, Ms Flegg pleaded guilty in the Stirling Gardens Magistrates Court to: one count of stealing approximately $2.2 million of applicant funds from...

ASIC has cancelled the Australian financial services (AFS) licence of Sydney-based financial services provider Indie Advice Pty Ltd (Indie Advice). The licence cancellation took effect on 19 January 2024. The licence was cancelled after ASIC became aware that Indie Advice had not been providing financial services for some time. Under the Corporations Act, ASIC may suspend...

Queensland company Penta Capital Pty Ltd has agreed to pay $53,280 to comply with four infringement notices issued by ASIC. ASIC alleges Penta Capital made a series of false and misleading statements on its website. Between May 2022 and February 2023, Penta Capital’s website included the following statements which ASIC alleges are misleading: it managed...

ASIC has assessed that these class orders are generally operating effectively and efficiently and continue to form a necessary and useful part of the legislative framework. ASIC proposes to remake the class orders for a period of five years. ASIC will continue to monitor the appropriateness of these class orders having regard to our regulatory...

The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) published today the first set of final draft technical standards under the DORA aimed at enhancing the digital operational resilience of the EU financial sector by strengthening financial entities’ Information and Communication Technology (ICT) and third-party risk management and incident reporting frameworks. The...

On 21 December 2023, a liquidator disciplinary committee (the Committee) decided that conditions should be imposed on Steven Naidenov, a registered liquidator. In summary, the conditions require that Mr Naidenov arrange for a peer review of six external administrations, at his own cost, over the next two years for which he is an appointed external...

In 2021, the FCA banned discretionary commission arrangements. This removed the incentive for brokers to increase the interest rate that a customer pays for their motor finance. We asked firms to review their practices and, where harm was identified, to address this. There have been a high number of complaints from customers to motor finance...

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter. Your one-stop-shop in the world of EU financial markets focused in December on the European Securities and Markets Authority (ESMA) latest report on Cost and Performance of retail products. In this annual report, ESMA...