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Financial Services AU
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July 14, 2026
ASIC Seeks Capital Guard Wind Up On Alleged Funds Misuse
ASIC applied to the Supreme Court of New South Wales on Tuesday to wind up investment firm Capital Guard AU Pty Ltd for allegedly misusing most of the $17.4 million it raised from investors, saying it had "serious concerns" about the investment firm's management and handling of funds.
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July 14, 2026
Judge Winds Up $135M First Mutual Fund On Gambling Claim
A Federal Court judge in Melbourne on Monday agreed to wind up $135 million investment fund First Mutual Private Equity Ltd, accused of wasting tens of millions of dollars on gambling, saying the defendants effectively dragged their feet on agreeing to the order.
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July 14, 2026
Morgan Piper Loses Final Costs Bid In 'Bitter' Trust Fight
An "unusually protracted, bitter and expensive" six-year dispute between asset manager Morgan Piper Capital and investment trustee Guardian Securities over the alleged misuse of trust assets has concluded in the Federal Court, with court-appointed receiver Fundus Management ordered to finalise shareholder distributions. A final costs bid by Morgan Piper was thrown out.
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July 14, 2026
Super Funds Failing In Customer Service In Phone Call Study
Major superannuation funds are failing to provide adequate customer support over the phone, with AustralianSuper not answering 90% of calls, according to a Super Consumers Australia study of the 20 largest pension funds' call centres released on Tuesday.
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July 14, 2026
APRA Grants Taipei Fubon Bank Licence For Australia
APRA has granted Taipei Fubon Commercial Bank Co. Ltd a licence to operate as a foreign authorised deposit-taking institution, it said on Tuesday, allowing the Taiwanese bank to offer wholesale operations in Australia.
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July 13, 2026
ASIC Levies Rise As Regulator Recoup 19% Higher Costs
Deposit-taking institutions and payment processing firms will face much higher levies for the 2025-2026 financial year as ASIC seeks to recover an estimated 19% increase in costs, the regulator said in a statement on Monday.
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July 13, 2026
Federal Court Lifts ASIC's Travel Ban On Ferras Merhi
A Federal Court judge in Melbourne has allowed a former financial adviser linked to the collapsed Shield and First Guardian Master Funds to travel to the Middle East, saying ASIC hadn't justified keeping a travel ban in place.
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July 13, 2026
Victorian Judge Referred Over Counsel Integrity Comments
Victorian County Court Judge Michael Tinney has been referred to Chief Judge Amanda Chambers after the state's Judicial Commission found he had made critical comments concerning counsel's professional integrity and competence, though it ruled out judicial bullying, according to a statement on Friday.
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July 13, 2026
Union Says CBA Used 'Fake' Redundancies To Offshore Jobs
The Finance Sector Union has filed a formal dispute with the Commonwealth Bank of Australia seeking detailed information from the bank about alleged "fake redundancies" the union says were used as an excuse to move nearly 300 jobs from Australia to India.
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July 13, 2026
Deutsche Bank Fined $2M Over 'Systemic' Misreporting
Deutsche Bank has been fined $2 million by ASIC for allegedly misreporting more than 260,000 derivative transactions, the regulator said in a statement on Monday, describing the issue as "systemic."
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July 10, 2026
Ex-Solicitor Loses Ninth Bid To Regain Practising Certificate
A New South Wales Supreme Court judge has tossed lawyer and former migration agent Chanaka Senanayake's challenge to the Law Society of NSW over its decision — for a ninth time — not to renew his practising certificate.
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July 10, 2026
Swyftx Financial License To Push Crypto Payment Service
ASIC has granted cryptocurrency exchange Swyftx an Australian financial services licence, paving the way for the company to offer cryptocurrency payment services for retail businesses.
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July 10, 2026
AML Laws Need Changes As Lawyers Mull Dropping Work
New anti-money laundering rules need clearer guidance on issues including how law firms should treat money held in trust when providing both covered and non-covered services, lawyers and legal associations told Law360, as some firms consider dropping covered work to avoid compliance risks.
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July 09, 2026
Aussie Brokers Didn't Make Personalized Pitches: Insurer
An insurer has pushed back against a class of Aussie Home Loan customers' claims that it trained mortgage brokers to offer inappropriate personalized financial advice regarding its mortgage protection insurance, saying in Federal Court on Thursday that its training and selling system was clearly based around a generalized advice model.
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July 09, 2026
Ex-ANZ Trader Loses Bid To Unredact Privileged Bank Docs
A Federal Court judge has dismissed former ANZ banker Etienne Alexiou's bid to force the bank to produce unredacted documents in his employment dispute, finding ANZ had validly claimed legal advice privilege, in a judgment published on Thursday.
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July 09, 2026
Magellan Standstill Fueled Bolton's $4.3M Bonus, Court Told
Investor Nicholas Bolton's personal signing of a standstill agreement ending his activism against the Magellan Global Fund was of "critical importance" to the $17.8 million options deal and million-dollar bonus paid by Keybridge Capital, the Federal Court has heard.
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July 09, 2026
ASIC To Probe KPMG, EY, Deloitte, PwC Internal Complaints Handling
ASIC on Thursday announced they are examining how the big four consultancy and audit firms KPMG, Deloitte, EY and PwC handle internal complaints, including those made by whistleblowers, as part of a broader effort to crack down on audit misconduct after the whistleblower scandal at KPMG.
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July 08, 2026
Class Says Aussie Broker Framed Low-Value Insurance As Advice
An insurer who allegedly sold low-value, inappropriate mortgage protection insurance to Aussie Home Loan customers can't hide behind claims that it was only offering general advice, a class representative told a Federal Court judge in Melbourne on Wednesday.
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July 08, 2026
Keybridge Board Accused Of 'Culture Of Award' By Investor
The former board of investment firm Keybridge Capital has been accused of a "culture of award" in approving a "huge, extraordinary" payment to managing director and investor Nicholas Bolton, investors alleged in the NSW Supreme Court on Wednesday.
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July 08, 2026
NSW Attorney General Has 'Full Confidence' In DPP Dowling
NSW Attorney General Michael Daley will not follow up on a state parliamentary committee's recommendations to formally investigate whether Director of Public Prosecutions Sally Dowling SC should be removed from office, saying he has "full confidence" in her, in a statement on Wednesday.
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July 08, 2026
Court Says Clive Palmer's Claims Against Ex-ASIC Head Speculative
Billionaire mining magnate Clive Palmer has lost his appeal over the dismissal of his case against former ASIC Chair James Shipton, with the Full Court of the Federal Court of Australia ruling Palmer's case was based on "pure speculation" and ordering him to pay Shipton's costs on Wednesday.
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July 07, 2026
Mark Latham, Justice Jackman To Talk At Samuel Griffith Conf
Independent NSW parliamentarian Mark Latham will deliver a speech titled, "The Rise and Fall of Social Engineering," at The Samuel Griffith Society's annual conference in Sydney next month, the conservative legal group told Law360.
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July 07, 2026
Noumi Ex-CEO Hid 'Football Fields' of Rotten Milk, Court Told
The sight of "football fields of rotten milk" should have incited the former chief executive of Noumi, a dairy and plant-based food company formerly Freedom Foods Group, to act on his financial obligations and write down the stock's value, ASIC has alleged in the Federal Court of Australia on Tuesday.
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July 07, 2026
Star Takes $55M Charge In ATO Junket Tour Tax Dispute
Star Entertainment has agreed to pay $55 million to settle disputes with the Australian Taxation Office over underpayments on GST and withholding tax treatment on payments to junket tour operators who brought high-worth gamblers to its casinos, it said on Tuesday.
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July 07, 2026
ASIC Not Subject To Federal Compensation Claims, Federal Court
A Federal Court judge in Melbourne has rejected a bid by an investor in collapsed luxury developer Lion Property Group to revive his claim for compensation from ASIC over allegedly negligent administration of the failed company, finding a federal reparations scheme can't be applied to the regulator.