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Showing 1 - 10 of 945 results for "Federal Court"

Mercer Super fined $10.3m for reportable situations failures

KARREN VERGARA  |  MONDAY, 29 JUN 2026
... million penalty after it admitted to breaching the Reportable Situations Regime on several occasions, which the Federal Court found could have had the "potential to have a detrimental effect on members." ASIC has successfully held Mercer Super to account ...

APRA investigating Diversa's executive compensation

RIDDHIMA TALWANI  |  THURSDAY, 25 JUN 2026
... losses arising from the collapse of First Guardian, which is currently the subject of ASIC's proceedings in the Federal Court. ASIC has put forth several allegations, starting with Diversa failing to conduct adequate due diligence before allowing its ...

Federal Court calls out ASIC for re-running case on appeal

RIDDHIMA TALWANI  |  MONDAY, 22 JUN 2026
The Full Federal Court of Australia has criticised regulators for falling back on appeals to re-litigate cases on a different legal basis than the one run at trial. Justices Derrington, Halley, and McEvoy were hearing ASIC's appeal against a previous ...

Equity Trustees opts out of super trustee business

RIDDHIMA TALWANI  |  MONDAY, 22 JUN 2026
... trustee services and trustee and wealth services businesses. ASIC recently commenced a second proceeding in the Federal Court against ETSL, alleging failures in care, skill and diligence concerning the decision to allow members to invest in the First ...

HSBC Bank fined $35m in landmark scam-protection failures

KARREN VERGARA  |  FRIDAY, 19 JUN 2026
... million penalty after admitting to widespread and systemic failures in protecting customers from scams. Following a Federal Court hearing in Melbourne on June 18, Justice Bennett handed down the penalty and ordered HSBC to publish adverse publicity notices ...

Block Earner found to have offered an unlicensed financial product

MATTHEW WAI  |  THURSDAY, 18 JUN 2026
... on investor protection, and although Block Earner was found to have provided unlicensed financial services, the Federal Court decided not to issue any pecuniary penalty. However, ASIC believed that Block Earner should pay a penalty of as much as $350,000 ...

ASIC secures record $300m penalty over 'egregious' CFD misconduct

VINNY VUCAGO  |  MONDAY, 15 JUN 2026
The Federal Court has imposed record penalties totalling more than $300 million against collapsed contracts for difference (CFD) issuer Union Standard International Group and two of its former authorised representatives. ASIC described the court action ...

ASX to pay $23m, admits misrepresentation over CHESS replacement

MATTHEW WAI  |  MONDAY, 15 JUN 2026
... subregister services in Release 2. Release 1 went live on 20 April 2026. ASIC commenced civil penalty proceedings in the Federal Court against ASX in August 2024, alleging it made the now admitted misleading statements. By admission, ASX acknowledged ...

More aggressive than ever: ASIC defends First Guardian investigation

RIDDHIMA TALWANI  |  FRIDAY, 5 JUN 2026
... and we have made progress in that. We would absolutely like to do more." ASIC currently has 14 proceedings in the Federal Court against 26 defendants relating to these issues. This includes recent action against Equity Trustees for allegedly failing ...

Sequoia Financial chair resigns

ELIZA BAVIN  |  THURSDAY, 28 MAY 2026
... timeframe. However, Sequoia now says Conquest has disputed the termination of the agreement. "On 7 May 2026 the Federal Court adjourned the case management hearing regarding the ASIC proceedings to allow the parties an opportunity to confer regarding ...
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