Financial Services AU

Australian Privacy Commissioner Carly Kind

New Privacy Rules Put AI, Even Basic Software Under Scrutiny

The Privacy Commissioner's new automated decision-making disclosure rules will force companies to review even rules-based spreadsheet software like Excel as well as AI programs to stave off inadequate transparency risk, lawyers warn.

The Federal Court of Australia and the Supreme Court of NSW.

Ex-Rex CEO Fined $800K, Banned 4Ys On Misleading Forecast

The former Executive Chairman and CEO of Rex Airlines has been fined $800,000 and banned from managing a company for four years over breaches of director duties including his role in a misleading profit guidance, according to a ruling in the Supreme Court of New South Wales in Sydney on Monday.

CORRECTION: ASIC Logs $830M In Civil Penalties, $421M For Shield, First Guardian

ASIC secured $830 million in civil penalties in 2026, a sevenfold increase from the previous year, alongside $421 million in repayments to Shield and First Guardian master funds investors, according to its annual report published on Monday.

October 21, 2026
Developers Ordered To Pay Merricks $46m for Loan Default

The Supreme Court of New South Wales has ordered a businessman and his wife to pay about $46 million to financial services firm Merricks Capital after they defaulted on a property development loan they guaranteed.
October 21, 2026
ASIC Alleges Ex-Super Retail CEO Misled Directors

ASIC alleges that Super Retail Group's former chief executive misled its directors by dismissing allegations of a relationship with its then-HR boss as baseless, according to Federal Court of Australia documents provided to Law360.
October 21, 2026
Maurice Blackburn Says Time-Based Fees Stifle AI Adoption

AI could make legal services more accessible to people deterred by cost and complexity, but pricing models that reward time spent must change, the chief executive of Maurice Backburn told Law360 ahead of a parliamentary hearing on Thursday.
October 21, 2026
'Shock And Orr' Vows Accessible Justice In Vic Court Role

Victorian Court of Appeal President Rowena Orr, who earned the nickname "Shock and Orr" during the banking royal commission, has pledged to make the court's work more accessible and understandable to the public as she takes on its top judicial role.
October 21, 2026
Judge Disqualifies ERA Legal From $911k Loan Dispute

A Victorian Supreme Court judge has taken the "exceptional" step of restraining ERA Legal from continuing to act for the lender in a dispute over a $911,000 business loan, saying allegations that the law firm fraudulently amended the mortgage securing the loan created a conflict of interest.
October 21, 2026
Pratt's Visy Group Pays $4.1M Over Late Financial Reports

Visy Industries and 20 other companies within billionaire businessman Anthony Pratt's family-owned packaging and recycling group have paid more than $4.1 million in infringement notices for allegedly failing to lodge financial reports on time, Australia's corporate regulator said on Wednesday.
October 21, 2026
Big Un Liquidators Appeal Rejection Of $27M Recovery Bid

Liquidators for failed video startup Big Un have appealed a Federal Court ruling throwing out a $27.2 million bid to recoup losses from financiers First Class Capital.
October 21, 2026
Charity Liquidators Sue AFL In Fight Over $300K Donation

Liquidators for collapsed charity Disaster Relief Australia have filed Federal Court of Australia proceedings against the AFL over an alleged $300,000 donation given to the charity which the league wants to be paid back.
October 21, 2026
ASIC Probes Whether Firmus Misled Investors Before IPO Collapse

ASIC is probing whether data centre operator Firmus may have misled investors ahead of its collapsed initial public offering but has not begun a formal investigation, ASIC's director of enforcement and compliance Chris Savundra told a parliamentary committee on Tuesday.
October 21, 2026
Dentons Adds HWL Ebsworth's Chao As Deals, Tax Partner

Dentons has hired HWL Ebsworth's Pierre Chao as a partner focusing on corporate transactions, commercial disputes and taxation law in Brisbane.
October 20, 2026
Judge Allows Sale Of NGS Crypto Director's Frozen Property

The Federal Court has partly lifted a freezing order against the director of an unregistered blockchain mining investment scheme, allowing his wife to sell a property they can no longer afford but barring him from using retained cash for legal fees.
October 20, 2026
Victorian Bar Slams Proposed Barrister Fee Caps

The Victorian Government plans to cap barrister fees across the state's public sector departments and agencies, which Victorian Bar president Fiona Ryan SC says "will unfairly and disproportionately affect women barristers."
October 20, 2026
HSF-Led RWC Backs $4.1B Brookfield Bid, No Rivals Emerge

Plumbing supplies company Reliance Worldwide Corporation (RWC) has entered an agreement to be acquired by Canadian investment manager Brookfield for $4.1 billion, after ending its search for rival bids.
October 20, 2026
HSF Kramer Adds Squire Finance Partner In Sydney

Former Squire Patton Boggs partner Rachel Jones has joined Herbert Smith Freehills Kramer as a partner in its Sydney finance and restructuring practice, the firm said in a statement on Monday.
October 20, 2026
Panacea Director Faces Criminal Charges Over Crypto Fund

Panacea Capital director Brian Creigh has been charged with carrying on an unlicensed financial services business and dealing in alleged proceeds of crime relating to $4.4 million invested in the business, ASIC said in a statement on Tuesday.
October 20, 2026
Ashurst-Led Daiichi TAL Bids $6.3B To Buy Rest Of Challenger

Japanese insurer Daiichi Life Group's subsidiary TAL has offered to buy the remaining stake in retirement income provider Challenger for $6.3 billion, and has appointed Ashurst Perkins Coie as its legal adviser.
October 20, 2026
ASIC Scrutinizes Sequoia's Interprac Debt Exit In Sale Deal

Sequoia Financial Group's sale of its legally-embroiled subsidiary Interprac is being probed by the corporate regulator who has asked for more information about its attempt to cancel a guarantee of Interprac's debt that it previously told the regulator it would not revoke.
October 20, 2026
NAB To Cut 2,500 Corporate Jobs Amid Economic Pressure

National Australia Bank will cut up to 2,500 jobs and reduce its use of consultants and contractors, citing a need to "simplify" its operations and navigate risks from challenging economic conditions and technological change.
October 19, 2026
Gemi Denied Costs After ASIC Stops Demand For Information

The Federal Court ruled Monday that ASIC and Gemi Asset Management must bear their own costs after the regulator withdrew an information notice challenged by the firm, rejecting the company's argument that the withdrawal amounted to "capitulation" warranting a costs award.
October 19, 2026
Pepperstone Owner Partly Wins Appeal On $81M Dividend Row

A New South Wales Court of Appeal panel has partly allowed an appeal by the holding company of Pepperstone in a case against Perpetual Trustee Co Ltd over Perpetual and a group known as the CPEC Vendors acquiring a controlling interest in FX HoldCo.
October 19, 2026
Microbio Rescue Approved Despite Shareholder Objections

The Federal Court of Australia has approved the transfer of shares in molecular diagnostics company Microbio for zero value under a restructuring to stave off liquidation, finding it would not unfairly prejudice investors.
October 19, 2026
REST Class Opposes 'Waste Of Time' Registration Process

A class of REST superannuation customers who allege the company wrongly signed new members up to insurance by default, urged a Federal Court judge on Friday not to require registration of class members ahead of mediation, saying it would serve as an expensive soft class closure that wouldn't get the case closer to settlement.
October 19, 2026
Govt Moves To Ease Reporting Rules For Smaller Firms

The Federal Government plans to reduce financial and sustainability reporting obligations for smaller companies by raising the thresholds used to classify large proprietary companies, under draft regulations released by Treasury on Monday.
October 19, 2026
Deputy Chief Justice To Lead Anti-Corruption Commission

Attorney-General Michelle Rowland has announced Federal Circuit and Family Court Deputy Chief Justice Robert McClelland as the head of the National Anti-Corruption Commission (NACC) on Monday, months after the resignation of former commissioner Paul Brereton.
October 19, 2026
JWS Advises New Hope On $2.4B Malabar Coal Acquisition

Coal producer New Hope Corporation has agreed to acquire the remaining shares it doesn't own in Malabar Resources in an all-scrip deal valuing the longwall coal miner at approximately $2.4 billion on an enterprise value basis, with Johnson Winter Slattery advising New Hope on the transaction.

Editor's Picks

6 Financial Services Cases To Watch In Remainder of 2026

The High Court of Australia's decision in the Commonwealth Bank of Australia shareholder class action, with its implications for plaintiffs seeking to prove causation and loss, and ASIC cases that will test superannuation trustees' obligations are among Law360's financial services cases to watch during the remainder of 2026.
Class Action Recoveries Tracker: Settlements Top $1.7B in '26

Class action plaintiffs raked in more than $1.7 billion in financial year 2025-26 across 17 cases finalised in the Federal Court and Victorian Supreme Court, according to analysis by Law360.

Expert Analysis

ASIC Data Shows What Makes Voluntary Administration Work

A recent Australian Securities and Investments Commission report on voluntary administration offers helpful insights on how the structure of a deed of company arrangement affects the prospects for success, and how DOCA returns compare with liquidation, say lawyers at HFW.
Navigating New Australia Foreign Capital Gains, Merger Rules

Australia's recently enacted Treasury Law amendments, reforming the foreign resident capital gains tax regime and making critical changes to the merger notification framework, mark a significant escalation in regulatory enforcement, while showing that the government wants to remain attractive for foreign capital in the energy transition, say lawyers at MinterEllison.
What To Know As Australia's New CGT Regime Takes Shape

Lawyers at Mallesons take stock of Australia’s recently enacted Treasury Law amendments and explain the capital gains tax regime's current state, the issues that were resolved during the legislative process, the questions that remain unanswered, and the practical steps that taxpayers and advisers should take before commencement next year.
What To Know About ASX Listing Reform, Enforcement Plans

The Australian Securities Exchange’s forthcoming proposed listing rule reforms and enforcement priorities represent a measured evolution in shareholder oversight in public markets, and heightened investor expectations for transparency and participation in corporate decisions, say lawyers at Addisons.
ASIC Win Broadens View Of Fixed-Yield Crypto Products

The High Court of Australia's recent landmark ruling in Australian Securities and Investments Commission v. Web3 Ventures, determining that fixed-yield cryptocurrency products are financial products, endorses an expansive approach to federal law that suggests purposive readings of existing statutes will be favoured over a wait-and-see approach to novel technology, say lawyers at Hall & Wilcox.
Practice Leader Insights

Practice group leaders share thoughts on keeping the pulse on legal trends, tackling difficult cases and what it takes to make a mark in their area in this Law360 Australia Expert Analysis series.
Practice Leader Insights From Norton Rose's Tim Mornane

Tim Mornane, Norton Rose's banking and finance team leader, discusses the challenges of working on contract works insurance policies in real estate development matters, the need for a legislative framework for handling insolvent trusts, and the professional teaching and mentoring hurdles that may arise due to artificial intelligence use.
Gov't Reforms Should Ease Decisions On Foreign Investment

The government’s recently announced reforms to strengthen its Foreign Investment Review Board framework represent a genuine shift in the regime, streamlining the process for low-risk investments, while equipping the regulator with stronger tools to address those that are medium- and high-risk, says Jeremy Low at Allens.
Star Ruling Highlights Corporate Governance Hazards

In the Australian Securities and Investments Commission's case against former Star Entertainment CEO Matt Bekier, the Federal Court held several executives liable for money laundering violations, demonstrating what happens when governance systems that appear adequate on paper fail to deliver critical information to decision-makers, say lawyers at Piper Alderman.
How Australia's AML Reforms Widen Compliance Duty Remit

The most significant reform to Australia's anti-money laundering regime in two decades recently came into force, which not only fundamentally alters the compliance landscape for financial services providers, but also brings lawyers within the regulatory perimeter for the first time, say lawyers at Clifford Chance.
How Cos. Can Rework AML Controls After AUSTRAC Warning

The Australian Transaction Reports and Analysis Centre's recent risk snapshots on money laundering, financing of terrorism and proliferation risks underscore that with the convergence of artificial intelligence and real-time payment systems, Australia’s financial crime threats are becoming harder to detect through traditional means, say lawyers at Herbert Smith.
Greenwashing Scrutiny Grows As Regulators Expand Focus

The Australian Securities and Investments Commission and Australian Competition and Consumer Commission continue to penalize investment companies and superannuation trustees for misleading environmental claims, signalling that greenwashing enforcement is an intensifying feature of Australia's corporate accountability framework, say lawyers at Ashurst Perkins Coie.
Practice Leader Insights From Phi Finney's Joel Phibbs

Joel Phibbs, Phi Finney's anti-money laundering and counter-terrorist financing practice lead, discusses the approach of banks when dealing with compliance, the challenges of delays in getting cases to trial, and why financial bodies' regulatory burden and the desire to lower costs using artificial intelligence seem like a recipe for major problems in the future.