Category: Press Releases

The Federal Court has found Membo Finance Pty Ltd (Membo) and its sole credit representative, Richmond Group Financial Services Pty Ltd (RGFS), trading as ClearLoans, breached the National Consumer Credit Protection Act (the Credit Act) and has ordered the companies to pay over $6m in penalties. The Court found both Membo and RGFS (by its...

David Sipina, of Croydon, New South Wales, appeared in the Downing Centre Local Court on 21 February 2023, charged with criminal offenses relating to alleged misconduct at the Courtenay House group of companies. Mr. Sipina is the third individual to face criminal charges after former director Tony Iervasi and former contractor Athan Papoulias were both...

The Financial Conduct Authority (FCA) is seeking views on what regulatory change might help the UK’s asset management industry innovate, better support the investors it serves and boost competition. The UK is a leading center for asset management, with over £11 trillion of assets managed by UK firms. The Future Regulatory Framework provides an opportunity...

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 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...

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...

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...

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 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...

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...