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Financial Services AU
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July 01, 2026
Bolton Says Keybridge's $4.7M Payment Properly Disclosed
Investor Nick Bolton argued a $4.75 million payment from Keybridge Capital was properly disclosed despite agreeing it was an "extraordinary transaction" in the NSW Supreme Court on Wednesday.
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July 01, 2026
Treasury Eyes ASIC Licensing, Bigger Fines For Big Four
ASIC could be given powers to impose bigger civil penalties, enforce new licences and mandate tendering for audits every ten years under new proposals for the consulting, accountancy and audit industry by Treasury on Wednesday.
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July 01, 2026
Bankruptcy No Barrier To Running Self-Managed Super: Judge
A Federal Court judge in Sydney has allowed a bankrupt former construction company manager to continue managing his self-managed superannuation fund, finding relief from management disqualification is available to all super fund managers despite a lack of clarity in the governing law.
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July 01, 2026
Australia Ties Director IDs To ASIC Records To Curb Fraud
Director identification numbers will be linked to the ASIC companies register from July next year, making it easier to trace directors across companies in a bid to curb fraud.
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July 01, 2026
Victorian Contingency Fees Boost Class Returns, Data Shows
The introduction of percentage-based contingency fees in Victoria has significantly boosted returns for class members in the state, with around 18% more of the final take going to plaintiffs in the last year in Victorian class actions compared to Federal Court ones, analysis by Law360 has found.
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June 30, 2026
ASIC To Probe Guardrails For Digital Assets, AI in Banking
ASIC is considering guardrails for the use of artificial intelligence in trading and tokenised assets like cryptocurrency during discussions with financial services leaders on Tuesday.
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June 30, 2026
Ex-EY Grad Charged Over Alleged Access to PM's Bank Data
Two men, including a former Ernst & Young graduate employee who was working on assignment at the Commonwealth Bank of Australia, faced criminal charges in Sydney on Tuesday over their alleged access of Prime Minister Anthony Albanese's personal banking data.
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June 30, 2026
Government Urges Probe on Visa-Mastercard, Apple Pay Grip
A federal government inquiry has recommended the ACCC investigate the impact of the duopoly of Visa and Mastercard on small businesses and consumers, and the dominance of Apple Pay including possible regulatory intervention to open up its secure payments technology without forcing developers to enter into commercial deals.
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June 29, 2026
NSW Contingency Fee Push Could Accelerate Class Suits
Proposals for New South Wales to introduce contingency fees in class actions could speed up litigation and allow litigants and experienced lawyers to stay in the state when duking it out in court rather than travel to Victoria, plaintiff and defence class action litigators say.
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June 30, 2026
Senator O'Neill Pushes KPMG To Release Whistleblower Docs
Labor Senator Deborah O'Neill urged KPMG Australia on Monday to publicly release documents provided to Parliament regarding the firm's whistleblower scandal, as Greens Senator Barbara Pocock pressed the government to cancel a $1.3 million KPMG ethics training contract she said didn't pass the "pub test."
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June 29, 2026
Judge Allows 'Bad in Law' IAG Class Action Amendment
A Victorian Supreme Court judge has allowed a "bad in law" amendment on market-based causation to be included in a shareholder class action case against Insurance Australia Group Ltd on Monday despite the insurer's complaints it should not be permitted.
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June 29, 2026
Judge Approves $10.3M Mercer Super Fine For Reporting Fails
The Federal Court has approved a $10.3m penalty against Mercer Super for failures alerting ASIC to investigations into several issues, including charging insurance premiums after a member's death and failures to provide death and permanent disability insurance cover for eligible members.
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June 29, 2026
ASIC Warns Super Trustees Over 'Persistent Failures'
ASIC has fired a warning shot at Australia's superannuation trustees alleging "stark and persistent failures" including gaps in advice fee controls, insufficient focus on lead generators and inadequate monitoring of high-risk activities like member churn and unusual fund flows.
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June 29, 2026
HMC Capital Taps $1.3B In Private Credit For Real Estate Debt
Asset manager HMC Capital Limited says it has secured $1.35 billion in private credit agreements to be invested into Australian commercial real estate loans, according to an Australian stock exchange statement on Monday.
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June 26, 2026
ASIC Sues Ex-Keystone Directors On Shield Super Conflicts
ASIC said it is suing three directors of Keystone Asset Management in the Federal Court for breach of director duties including "conflicted arrangements and poor oversight" over the $530 million of superannuation invested into the collapsed Shield Master Fund that Keystone operated and managed.
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June 26, 2026
RBA To Probe Online Payments, Mobile Wallets, BNPL Rules
The Reserve Bank of Australia says it is reviewing payments system regulation amid a surge in adoption of mobile wallets like Apple Pay, account-to-account payments, buy-now pay-later and AI agents initiating payments in e-commerce, according to a statement on Thursday.
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June 26, 2026
ASIC Gives Crypto Firms Longer To Secure Financial Licences
ASIC said on Thursday digital asset firms offering financial services like crypto derivatives have an extra three months to comply with rules requiring them to apply for or change an existing Australian financial services licence.
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June 25, 2026
Shine Taps AI Strategy Chief, Names Class Action Leader
Shine Lawyers has appointed Peter Gibson to lead its legal technology and stakeholder strategies in a newly-created national role as it targets ethical artificial intelligence adoption, the law firm said on Wednesday.
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June 25, 2026
Gilbert + Tobin Elevates 7 Partners, 9 Special Counsel
Gilbert + Tobin, one of Australia's largest law firms, announced seven new partners and nine special counsel to start at the firm's Sydney, Melbourne and Perth offices from July 1, in a statement today.
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June 25, 2026
APRA Eyes Diversa Exec Bonuses On First Guardian Collapse
APRA is investigating the management bonuses and pay of embattled superannuation trustee Diversa Trustees, the regulator said on Thursday, whose CEO Andrew Peterson took home more than half-a-million dollars in bonuses at the same time as members lost hundreds of millions investing in the collapsed First Guardian Master fund on Diversa's platform.
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June 25, 2026
ACCC Sues Credit Clear On Alleged Misleading Debt Notices
The ACCC is suing two subsidiaries of debt collection service provider Credit Clear Limited in the Federal Court over 320,000 debt collection notices the regulator alleges were misleading to consumers by falsely claiming they owed debts already paid, or owed beyond the statutory time limit.
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June 24, 2026
NSW Law Society Says Budget Neglects Regional Courts
The Law Society of NSW has criticised the state government's budget for failing to upgrade ageing courthouses in regional NSW, in a statement on Tuesday.
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June 24, 2026
AFSA Flags Bank Responsibility In Personal Insolvency Misuse
Australian Financial Securities Authority Chief Executive Tim Beresford called on banks to more actively engage in personal insolvency proposals and creditor meetings amid a surge in people "manipulating" them to secure their wealth in a speech on Tuesday.
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June 23, 2026
Financial Advisers Oppose Advice Curbs After Shield Collapse
The financial advisory industry has signalled strong opposition to ending exemptions to anti-hawking rules arguing it would have a "significant negative impact" on advice access, in a direct rejection of proposals by the Federal Government into the billion-dollar collapse of the Shield and First Guardian superannuation funds.
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June 23, 2026
KPMG Australia Chairman Resigns Amid Audit Furore
KPMG Australia Chairman Martin Sheppard on Tuesday announced his resignation from the board and the exit of former chief operating officer Eileen Hoggett and audit partner Paul Rogers in the fallout from the whistleblower scandal.