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Financial Services AU
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July 23, 2026
Macquarie Orders Allens Review Of KPMG Tender, CEO To Exit
Macquarie Group has commissioned an external review by Allens into the integrity of the tender process for the appointment of incoming auditor KPMG, Chair Glenn Stevens announced at the bank's annual general meeting in Sydney on Thursday.
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July 23, 2026
Caddick Estate Wound Up As Ponzi Investors Recoup $9M
The estate of the late convicted fraudster Melissa Caddick has been wound up in the Federal Court of Australia, bringing to an end the six-year case after investors in the Ponzi scheme she set up recovered $9 million in dividends from her estate and business.
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July 22, 2026
ASIC Probes Mortgage Brokers' Duty To Put Clients First
ASIC is conducting a review of the mortgage broking sector focused on the best interests duty of brokers, according to a speech by Commissioner Alan Kirkland in Melbourne on Wednesday.
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July 22, 2026
Judge Says Broker Needs Counsel In Market Abuse Case
A Federal Court judge in Perth ruled on Wednesday that the director of an insurance broker suing broker network Steadfast Group and insurers QBE and Allianz, alleging they abused their market power by cutting the broker out of their networks, cannot represent her company in the case.
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July 22, 2026
ASIC Flags Auditors' Legal, Ethical Duties Amid KPMG Scandal
ASIC has reminded registered company auditors "of their legal, ethical and professional obligations" amid concerns about low public trust and confidence in the sector, according to a letter from Commissioner Kate O'Rourke to auditors on Wednesday.
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July 22, 2026
Federal Court Finds Noumi Ex-CEO Liable On Rotten Stock
The Federal Court of Australia has ruled that Rory Macleod, the former CEO and director of dairy and plant-based food company Noumi, formerly Freedom Foods Group (FFG), contravened some of his obligations in a case brought by ASIC over the company's failure to disclose millions of dollars in wasted stock, but the regulator failed to prove others.
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July 22, 2026
Sequoia CEO Steps Down Amid ASIC Suit
Sequoia Financial Group CEO Garry Crole will step down immediately, the company said on Wednesday, amid ASIC's lawsuit over Sequoia subsidiary Interprac's alleged failure to oversee representatives who steered customers to the now-collapsed Shield and First Guardian master funds.
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July 22, 2026
Investment Advisor Is No-Show In $7M Airport Loan Dispute
An investment advisor accused of misleading and deceptive conduct by failing to repay a $7 million loan granted over a 10-day period to fund a purported new Melbourne airport has been a no-show in the Federal Court of Australia.
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July 22, 2026
Noumi To Go Private In $737M Arrovest Deal As Debts Loom
Dairy and plant-based food manufacturer Noumi has entered into a $737 million deal with its largest shareholder, the investment vehicle Arrovest owned by the billionaire Perich family, to take the company private as a deadline to repay $610 million in debts looms.
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July 21, 2026
Aussie Broker Denies Mortgage Insurance Was Mandatory
An Aussie Home Loans broker disputed in Federal Court on Tuesday that she had marketed mortgage protection insurance to the representative of a class of Aussie customers as effectively mandatory, one of several claims in the suit accusing Aussie and the insurer of improperly selling that insurance.
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July 21, 2026
ASX Eyes Diversity Target Removal, New Auditor Disclosures
The Australian Securities Exchange has proposed cutting senior executive and workforce diversity targets, and adding new reporting requirements on the tenure of auditors to its corporate governance framework.
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July 21, 2026
Bolton Loses Bid To Make Keybridge Cover $1.4M Costs
Investor Nicholas Bolton has lost an appeal in the Supreme Court of NSW's Court of Appeal over $1.4 million in legal costs in his dispute with Keybridge Capital, the investment firm he was ousted from as managing director.
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July 21, 2026
Fitch Gets $12.5M Security Costs Order Despite 3-Year Delay
A Federal Court judge granted Fitch Ratings $12.5 million security for costs in a juggernaut class action against the international credit rating agency despite a three-year application delay on Thursday.
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July 21, 2026
Revolut Secures Australian Bank License In Global Push
British fintech Revolut has been granted a banking license in Australia by financial regulator APRA more than four years after it applied, with plans to add deposit and savings accounts to its digital payment offerings.
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July 21, 2026
KPMG Australia Taps Finance Chief John Sams as New CEO
KPMG Australia has appointed current chief financial officer John Sams as the new CEO who will deliver the auditing giant's internal reboot as it seeks to revive its reputation following the whistleblower scandal.
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July 20, 2026
Aussie Class Says Insurance Training Sought Personal Details
A class of Aussie Home Loans customers argued in Federal Court in Melbourne on Monday that training provided to brokers pushed them toward selling mortgage protection insurance by inappropriately soliciting and using customers' personal circumstances.
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July 20, 2026
Benjamin Hornigold Wins $1.8M More In Director Loan Case
Benjamin Hornigold, the ASX-listed investment firm, has secured a further $1.8 million civil settlement in the Federal Court against a former director bringing three years of legal proceedings to recover over $4 million in funds loaned to the investment management firm and never repaid, to an end.
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July 20, 2026
Perpetual Rejects Second EQT Bid Worth $2.5B As Too Low
Perpetual has rejected private equity firm EQT's $2.5 billion second takeover bid, saying on Friday that the offer's additional $50 million still did not represent fair value for its shareholders.
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July 20, 2026
Maurice Blackburn Gets 33% Fee Order In Entain Class Action
A Victorian Supreme Court judge has granted Maurice Blackburn a group costs order of 33% as plaintiff's lawyer in a class action against betting giant Entain Group, which alleges an 'in‑play' betting service on its website and smartphone app was barred under gambling legislation.
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July 20, 2026
AFCA Fairly Split Super Death Benefit, Says Federal Court
A Federal Court judge has backed AFCA's decision to divide a woman's $350,000 superannuation death benefit four ways, ruling her partner was not entitled to the entire amount over her three adult children.
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July 19, 2026
ASIC Penalties Hit Record $830M on Banks, Super Fines
ASIC secured a record $830 million in civil penalties in the last fiscal year, driven by enforcement action against major banks, super trustees and financial services firms including Union Standard, HSBC, Macquarie Securities, Westpac and Mercer Super, the regulator said on Monday.
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July 17, 2026
Australian Fiduciaries Licence Cut After Compensation Payout
ASIC has cancelled the financial services licence of Australian Fiduciaries after the Compensation Scheme of Last Resort (CSLR) paid to compensate the defunct investment firm's investors, the regulator said on Friday.
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July 17, 2026
Judge Blocks RH Capital's $23M Debt Demands As 'Disruptive'
A Federal Court judge has set aside statutory demands issued by investment firm RH Capital seeking repayment of $23 million owed by two 3D printing companies in receivership, calling the decision to serve the demands "disruptive" because a separate proceeding over the same loans was already underway in the same court.
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July 17, 2026
NCAT Rejects Ibrahim Bid For Police Records On Debanking
A New South Wales tribunal has denied Fadi Ibrahim, brother of notorious former nightclub owner John Ibrahim, access to communications between the NSW Police, banks and AUSTRAC after he was debanked following a conviction for handling suspected crime proceeds.
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July 17, 2026
ASIC Bans Another Ex-MWL Adviser Over Risky Shield Advice
ASIC has banned former MWL Financial Services adviser Christian Henry from providing financial services or managing a financial services business for three years.