Category: Press Releases

Australia’s financial system and consumer protection regulators are positioned strongly to protect consumers from emerging harms related to digital disruption, the ASIC Annual Forum was today told. The regulatory landscape is rapidly evolving due to challenges including artificial intelligence (AI), cryptocurrencies and cyberattacks. But Australia’s financial services and consumer protection regulators are well placed to...

ASIC today announced its enforcement priorities for 2024, indicating its enforcement focus for the coming year and communicating its intent to industry and stakeholders. In 2024, two new priorities have been added in relation to the superannuation industry, including a focus on member services failures and misconduct relating to the erosion of superannuation balances. New...

Morses Club Limited is a home collected credit lender. Its wholly owned subsidiary, Shelby Finance Ltd, is an online-only, high-cost, short-term lender. The firms are no longer lending. However, all existing loan agreements remain in place. The firms’ administration doesn’t change the payment terms and conditions of loans for customers of either Morses Club Limited...

Louise Angela Medley of Bondi Beach, NSW has been found guilty and convicted of two counts of dishonestly obtaining financial advantage by deception. Ms Medley was sentenced to an 18 months community corrections order on 13 November 2023, after earlier pleading guilty. An ASIC investigation found that between about 16 December 2016 and 13 March...

ASIC proposes to extend the operation of two legislative instruments, ASIC Corporations (Auditor Independence) Instrument 2021/75 and ASIC Corporations (Parent Entity Financial Statements) Instrument 2021/195, which are due to expire in April 2024, for a further five years. We have assessed that these instruments are operating effectively and efficiently, and continue to form a necessary...

A review by the FCA has found that while most Authorised Fund Managers (AFMs) have made efforts to comply with the FCA’s expectations on the design, delivery, and disclosure of their ESG and sustainable funds, further improvement is needed. The FCA is publishing this review ahead of its final rules and guidance on Sustainability Disclosure...

ASIC Chair Joe Longo and the Australian Financial Security Authority (AFSA) Chief Executive Tim Beresford signed a refreshed Memorandum of Understanding (MoU), following the last update in 2014. The agencies will continue to work together to pursue common interests and demonstrate their commitment to a whole-of-Australian Government approach to protecting and promoting confidence in the...

ASIC has suspended the Australian financial services (AFS) licence of JB Markets Pty Ltd (JB Markets) until 30 April 2024 for failing to: comply with the financial requirements of its AFS licence; and have adequate resources to provide the financial services covered by the licence and to carry out supervisory arrangements. The licence suspension means...

ASIC will look to take strong, targeted enforcement action in the coming months and into 2024, as part of its focus on member outcomes in the superannuation sector. The enforcement focus comes after ASIC’s enforcement and regulatory update highlighted ASIC’s work to protect consumers, including calling on banks to ensure better consumer outcomes and civil...

On 25 October 2023, the Administrative Appeals Tribunal (AAT) varied ASIC’s decision to ban Mark Babbage from engaging in credit activities and providing financial services. The AAT upheld the scope of ASIC’s original ban, but varied the banning period from ten years to six years. ASIC had previously banned Mark Babbage for ten years following...