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Regulatory

Mayfair 101 accuses ASIC of "suspicious" conduct over FOIs

JAMIE WILLIAMSON  |  FRIDAY, 4 AUG 2023
Mayfair 101 says ASIC has rejected seven Freedom of Information requests in relation to its investigation into the private equity firm, one within six hours of its receipt.

ASIC takes Dixon Advisory director to court

KARREN VERGARA  |  FRIDAY, 4 AUG 2023
ASIC is taking former Dixon Advisory & Superannuation Services (DASS) director Paul Ryan to the Federal Court in an alleged breach of duties that led to creditors suffering significant losses.

Former director pleads guilty to super misuse

CASSANDRA BALDINI  |  FRIDAY, 4 AUG 2023
Mudasir Mohammed Naseeruddin has pleaded guilty to misconduct charges after he encouraged investors to move their super into a self-managed superannuation fund (SMSF) to lend those funds to his two companies.

ACCC slams door on ANZ, Suncorp deal

CASSANDRA BALDINI  |  FRIDAY, 4 AUG 2023
The Australian Consumer and Competition Commission (ACCC) has declined ANZ's $4.9 billion bid to acquire Suncorp Group's banking arm, citing concerns around competition and potential consumer detriment.

eToro sued by ASIC

ANDREW MCKEAN  |  THURSDAY, 3 AUG 2023
ASIC has launched legal proceedings against eToro, alleging breaches of design and distribution obligations regarding its contract for difference (CFD) product.

Mayfair 101 calls for senate inquiry into ASIC

JAMIE WILLIAMSON  |  WEDNESDAY, 2 AUG 2023
Mayfair 101 founder James Mawhinney believes the government should look into how ASIC's investigation into the firm was initiated and the speed at which it was carried out.

Advice from Shartru failed best interests duty, ASIC says

JAMIE WILLIAMSON  |  MONDAY, 31 JUL 2023
ASIC has imposed additional licence conditions on dealer group Shartru Wealth Management, saying representatives have not been adequately supervised, leading to some financial advice provided failing the best interests duty.

Industry grapples with looming cyber threats

CHLOE WALKER  |  THURSDAY, 27 JUL 2023
With the threat of cyber-attacks growing by the day, leadership teams in all areas of financial services are being urged to ramp up cybersecurity protections, with the regulators keeping a keen eye on their efforts. But while major institutions might ...

ASIC acts against illegal investment scheme operator

JAMIE WILLIAMSON  |  WEDNESDAY, 26 JUL 2023
ASIC is suing the operator of several unregistered managed investment schemes that, among other investors, targeted SMSF members.

Credit Suisse fined $575m by regulators

CASSANDRA BALDINI  |  TUESDAY, 25 JUL 2023
US and UK regulators have imposed fines of $575 million (US$388 million) on the bank for risk management and governance failures related to the collapse of Archegos Capital Management.