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Regulatory

Sanlam Private Wealth breaches licensee obligations, hit with enforceable undertaking

MATTHEW WAI  |  MONDAY, 6 JAN 2025
Sanlam Private Wealth, the Australian arm of the South African Sanlam Group, has admitted to breaching licensee obligations by "failing to adequately supervise" its authorised representatives, following an ASIC investigation.

Court sentences Ponzi scheme promoter

KARREN VERGARA  |  MONDAY, 23 DEC 2024
The Federal Court has sentenced the promoter of Courtenay House for his involvement in one of the country's biggest Ponzi schemes.

Court finds CFD issuers engaged in 'unconscionable conduct'

ELIZA BAVIN  |  MONDAY, 23 DEC 2024
The Federal Court ruled that collapsed CFD issuer Union Standard Group and two of its former corporate authorised representatives engaged in "systemic unconscionable conduct".

New tool will streamline regulation: Chalmers

ELIZA BAVIN  |  FRIDAY, 20 DEC 2024
The government has released a new tool to better streamline and coordinate regulation in the financial services sector with ASFA welcoming the move.

ASIC sues Binance over customer protection failures

ELIZA BAVIN  |  THURSDAY, 19 DEC 2024
ASIC alleges the cryptocurrency trading platform misclassified customers as wholesale clients.

Trustee valuation processes 'concerning': APRA review

JAMIE WILLIAMSON  |  TUESDAY, 17 DEC 2024
Many superannuation trustees have been told they must improve their valuation governance practices, with APRA finding just 11 have dedicated valuation committees while others involve staff members whose remuneration is tied to asset values in the process.

ASIC sues HSBC Australia over $23m scam losses

MATTHEW WAI  |  MONDAY, 16 DEC 2024
ASIC has launched legal proceedings against HSBC Bank Australia in the Federal Court, alleging the latter failed to "adequately protect customers".

Crypto operator to fork out millions after court ruling

ANDREW MCKEAN  |  FRIDAY, 13 DEC 2024
Bit Trade, the operator of the Kraken Exchange in Australia, has been slapped with an $8 million fine for "unlawfully issuing a credit facility to more than 1100 customers."

AFCA completes independent review of operations

ELIZA BAVIN  |  MONDAY, 9 DEC 2024
AFCA said the review had redefined its approach to external dispute resolution.

More work to do on reportable situations compliance, ASIC says

JAMIE WILLIAMSON  |  WEDNESDAY, 4 DEC 2024
Licensees are generally slow to report to ASIC because of deficient internal processes and poor monitoring of compliance with the reportable situations regime, a review found.