Category: Press Releases

Ms Linda Marissen, of Wembley Downs, Western Australia has appeared at the Perth Magistrates Court charged with 34 counts of enabling or aiding the commission of alleged fraud offences by Chris Marco contrary to sections 7(b) and 409 of the Criminal Code (WA). Following an ASIC investigation, it is alleged that between February 2014 and...

The Federal Court has ordered MLC Limited (MLC) pay a $10 million penalty for failing to pay promised benefits, resulting from a lack of appropriate systems to administer its insurance policies. The Court also made declarations that MLC had contravened the ASIC Act, the Corporations Act and the Insurance Contracts Act for failures to: pay...

The FCA and PSR Boards have appointed two new Deputy Chairs – Margaret Obi and Edward Sparrow – to the FCA’s Regulatory Decisions Committee (RDC) and the PSR’s Enforcement Decisions Committee (EDC). These 2 committees are responsible for taking certain regulatory decisions on behalf of the FCA (Financial Conduct Authority) and PSR (Payment Systems Regulator)....

The FCA and PSR Boards have appointed two new Deputy Chairs – Margaret Obi and Edward Sparrow – to the FCA’s Regulatory Decisions Committee (RDC) and the PSR’s Enforcement Decisions Committee (EDC). These 2 committees are responsible for taking certain regulatory decisions on behalf of the FCA (Financial Conduct Authority) and PSR (Payment Systems Regulator)....

Members of the public who invested in an unauthorised collective investment scheme established and operated by Synergy Land Group Limited, between late 2009 and May 2011, will now receive money back after the High Court granted a distribution order to the FCA. The FCA has recovered approximately £27,000 after Samuel Exall, Synergy’s Director, was ordered...

The number of adults who missed bills or loan payments in at least three of the last six months has also gone up by 1.4 million, from 4.2 million to 5.6 million over the same period. The FCA has repeatedly reminded firms of the importance of supporting their customers and working with them to solve...

ASIC has commenced civil penalty proceedings in the Federal Court against car finance provider Money3 Loans Pty Ltd (Money3) alleging breaches of its responsible lending obligations when providing finance for the purchase of second-hand vehicles. ASIC Deputy Chair Sarah Court said, ‘Taking strong action against credit providers who we consider have failed to consider the...

Quilter Financial Planning Limited (Quilter) acquired Lighthouse in June 2019, after the unsuitable advice. Quilter has however taken responsibility for the unsuitable advice provided before its purchase of Lighthouse and has proactively carried out a redress exercise. By 30 April 2023, Quilter had paid approximately £23.17 million in redress to put affected Lighthouse customers back...

Vaughan Bowen, of Brighton, Victoria, appeared on 10 May 2023 via his legal representative in the County Court of Victoria after being indicted on two counts of insider trading. The Commonwealth Director of Public Prosecutions (CDPP) formally indicted Mr Bowen on 10 May 2023 after the charges had previously been discharged following a contested committal...

ASIC has commenced civil proceedings in the Federal Court alleging that three types of insurance policies issued by HCF Life Insurance Company Pty Limited (HCF Life) contain unfair contract terms and could mislead the public. The case involves standard form contracts issued under HCF Life’s ‘Recover’ range of insurance products. ASIC alleges that the ‘pre-existing...