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Financial Services AU
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September 11, 2026
Parliament Requires Court Orders To Void Unnotified Mergers
Mergers that fail regulatory notification requirements will no longer be automatically voided under new rules passed by Parliament on Thursday, with the ACCC required to first obtain Federal Court approval to cancel the transactions.
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September 11, 2026
Tabcorp's $1.4B Tax Deduction Appeal Rejected By High Court
The High Court of Australia has rejected Tabcorp's application for special leave to appeal a ruling that denied it a $1.49 billion tax deduction over alleged entitlements linked to the termination of gaming licenses in Victoria, based on there being "no financial arrangement" at the time the licenses expired.
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September 11, 2026
High Court Won't Hear Former NAB Employee's Appeal
The High Court of Australia has dismissed an appeal from a former NAB employee over a decision that the federal Safety, Rehabilitation and Compensation Act precluded her from pursuing a claim against the bank under Victoria's Wrongs Act.
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September 11, 2026
Johnson Winter Slattery Opens NY Office For US Investors
Australian commercial law firm Johnson Winter Slattery has opened its first overseas office in New York in a bid to help US clients gain regulatory approvals to invest in Australia.
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September 10, 2026
Victorian Criminal Bar Rebuts 'Wrong Judges' Critique
The Criminal Bar Association of Victoria is defending the state's judges and magistrates after an opinion piece by former Victorian Chief Crown Prosecutor Gavin Silbert KC criticised the state's judicial appointments and warned against election-driven "law-and-order promises".
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September 10, 2026
High Court Takes Super Trustee Commission Fee Class Action
The High Court on Thursday agreed to hear an appeal over a decision dismissing a class action accusing former NAB unit NULIS Nominees, as trustee for the MLC Super Fund, of wrongly continuing to charge fund members for trailing commissions to advisers after a fund transfer.
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September 10, 2026
Equity Trustees Exec Blames Super Losses On 'Other Parties'
The executive director of Equity Trustees told a parliamentary joint committee on Thursday that the firm has not compensated investors for their losses in the collapsed First Guardian and Shield funds because "other parties are responsible."
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September 10, 2026
ART Upholds ASIC Five-Year Bans On Flawed Super Advice
The Administrative Review Tribunal upheld the five-year bans ASIC gave to financial advisers Andrew Hanley and Shane Monte Silva, holding the pair engaged in misleading and deceptive conduct by telling clients to invest their superannuation in the now-collapsed Shield and First Guardian funds even though they knew the advice to be flawed.
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September 10, 2026
Maurice Blackburn Plans Rival Corporate Travel, PwC Suit
Maurice Blackburn is investigating a class action proposal alleging misconduct by Corporate Travel Management and its former auditor PwC Australia, setting up a potential carriage dispute with Phi Finney McDonald.
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September 10, 2026
Shield Auditor BDO Resists Audit Info Access Request
BDO, auditor of the now-collapsed Shield Master Fund, pushed back Thursday against a bid for lawyers representing liquidators for the fund's trustee to access documents related to BDO's audit procedures, saying the liquidators hadn't proposed sufficient safeguards to protect the confidentiality of the documents.
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September 10, 2026
KPMG Procurement Ban Extended To End Of October
The Department of Finance has extended the current ban on KPMG Australia bidding for government contracts until the end of October as the deadline for the government's review of the auditing giant's governance, culture, ethics and integrity frameworks is pushed back.
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September 09, 2026
Andrew Clements KC Appointed To Victorian Supreme Court
Andrew Clements KC has been appointed a judge of the Supreme Court of Victoria sitting in the common law division, which hears matters concerning property, tort, contract law, wills and estates, and appeals from lower courts and tribunals, the court announced on Tuesday.
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September 09, 2026
Justice Muston Says Bar Has 'Stubborn' Diversity Problem
The Supreme Court of NSW Justice Edward Muston has advocated for the Australian legal profession, particularly the bar, to better represent the community it serves by giving opportunities across the board given limited diversity is "a particularly stubborn problem."
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September 08, 2026
Choosi Misled Customers On Insurance Price Comparisons
A Federal Court judge on Tuesday backed ASIC's allegations that insurance comparison site Choosi misled customers by saying it compared life and funeral insurance products from a range of insurers, when it was two insurers at most.
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September 08, 2026
ASIC Bans Ex-Sequoia CEO Crole For 10 Years On Interprac
ASIC has banned former Sequoia Financial Group CEO Garry Crole from managing a financial services business for 10 years due to competence and diligence failures in his management of subsidiary Interprac which steered thousands of superannuation customers to invest roughly $677 million in collapsed Shield and First Guardian funds.
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September 08, 2026
Court Approves Warburg Pincus' $700M CreditorWatch Deal
A New South Wales Supreme Court judge has approved private equity giant Warburg Pincus' purchase of commercial credit and risk reporting services platform CreditorWatch, in a deal worth around $700 million.
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September 08, 2026
Justice Pike To Head NSW Supreme Court Class Actions
The Supreme Court of New South Wales said Justice Ian Pike has moved to the Commercial List and is now in charge of managing class actions across both the Equity and Common Law divisions, in one of five key administrative changes in effect from Monday.
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September 08, 2026
SA Law Society Opposes Gageler's National Uniform Law Push
The Law Society of South Australia President David Colovic has opposed High Court of Australia Chief Justice Stephen Gageler's calls for the Legal Profession Uniform Law to become a "truly national" system.
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September 07, 2026
Corporate Travel, PwC Face Phi Finney McDonald-Led Suit
Phi Finney McDonald said it is "well advanced" in a class action proposal against Corporate Travel Management and it's former auditor PwC Australia for allegedly misleading investors in its financial reports after the company admitted to an overcharging scandal and it's shares sunk on return to the ASX this month.
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September 07, 2026
NSW Chief Justice Warns AI Could Widen Legal Access Gaps
NSW Chief Justice Andrew Bell said he fears there is a digital divide between large firms that can afford specialised AI and the rest of the legal sector unable to keep up with the pace of change.
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September 07, 2026
Lawyers, Funder Seek $21.7M Cut Of $29M AMP Advisers Deal
Shine Lawyers, Piper Alderman and litigation funder Woodsford are seeking up to $21.75 million from a proposed $29 million class action settlement against AMP-linked financial advisers who allegedly recommended AMP insurance products to customers over cheaper alternatives, potentially leaving class members with only a quarter share of the deal.
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September 07, 2026
New APRA Deputy Says Super Needs Governance Uplift
Newly-appointed APRA Deputy Chair David Bradbury says the challenge facing the Australia's superannuation industry is ensuring an uplift in governance to match its scale as total assets surpassing $4.7 trillion.
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September 07, 2026
AUSTRAC Removes 45 High-Risk Payments Businesses
AUSTRAC has cancelled, suspended or refused to renew the registrations of 45 remittance and virtual asset businesses over the past year as it ramps up scrutiny of high-risk payment sectors.
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September 07, 2026
Ex-ASIC Deputy Kell To Review Banking Code And Watchdog
Former ASIC deputy chair Peter Kell will head an independent review into the banking code of practice and its oversight by the Banking Code compliance committee.
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September 07, 2026
Chief Justice Gageler Urges States To Adopt Uniform Law
High Court of Australia Chief Justice Stephen Gageler has called for the Legal Profession Uniform Law on professional standards to become "truly national" amid continued state-based standards.
HSF Chair Says ASIC Over-Regulation Pushing Directors Away
Herbert Smith Freehills Kramer Chair and senior partner Rebecca Maslen-Stannage has struck out at ASIC for excessive regulation arguing Australian-listed company directors want to move to private firms as they feel "the ever-growing burden" of over-regulation alongside securities class action threats, in a Bathurst Lecture speech on Thursday evening.
Judge Waivers On ASIC, AusSuper $30M Death Benefit Deal
ASIC and AustralianSuper have agreed to a $30 million penalty to resolve allegations the super fund breached its legal duties though not deliberately by delaying thousands of death benefit claims, with a Federal Court judge seeking further details on management oversight before approving the deal.
Westpac Says KPMG Withheld Allens Reports Over Privilege
Westpac has revealed KPMG initially refused to provide Allens' investigation reports into the auditor's whistleblower scandal, citing legal professional privilege, before later handing over partially-redacted versions.
HSF Chair Says ASIC Over-Regulation Pushing Directors Away
Herbert Smith Freehills Kramer Chair and senior partner Rebecca Maslen-Stannage has struck out at ASIC for excessive regulation arguing Australian-listed company directors want to move to private firms as they feel "the ever-growing burden" of over-regulation alongside securities class action threats, in a Bathurst Lecture speech on Thursday evening.
Judge Waivers On ASIC, AusSuper $30M Death Benefit Deal
ASIC and AustralianSuper have agreed to a $30 million penalty to resolve allegations the super fund breached its legal duties though not deliberately by delaying thousands of death benefit claims, with a Federal Court judge seeking further details on management oversight before approving the deal.
Westpac Says KPMG Withheld Allens Reports Over Privilege
Westpac has revealed KPMG initially refused to provide Allens' investigation reports into the auditor's whistleblower scandal, citing legal professional privilege, before later handing over partially-redacted versions.
Editor's Picks
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Omni Bridgeway Funder Appeals $475M Robodebt Deal
Litigation funder Omni Bridgeway has filed an appeal in the Federal Court of Australia over the $475 million robodebt settlement agreed with the Commonwealth in June, the largest class action payout of its time, which included a commission that was only half what the funder sought.
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ASIC Chair Says Bathla Collapse 'First Crack' In Private Credit
ASIC Chair Sarah Court says the collapse of residential property developer Bathla, which was put into voluntary administration on Tuesday, represents the "first significant crack" in the private credit industry in Australia.
Expert Analysis
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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APRA's Warning Letter Means Directors Must Grasp AI Risks
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A recent letter from the Australian Prudential Regulation Authority outlines industry expectations for managing artificial intelligence-related risk, reminding boards and directors to work closely with their technology officers to ensure compliance with the regulator’s recommendations, says Claire Mallon at HWLE.
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Practice Leader Insights From HSF Kramer's Andrew Bradley
Andrew Bradley, leader of HSF Kramer's financial services regulatory practice in Australia, discusses managing mental health while working on a complex matter, the glaring need for further reform in the financial advice sector, and why this practice area may be the most dynamic and intellectually stimulating.
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Blue Star Shows Why Liquidators Need Approval Rule Reform
The recent Queensland Supreme Court decision in Blue Star Care v. Rimcroft highlights the uncertainty surrounding Section 477(2B) of the Corporations Act court approvals regime, meaning that until outright reform is implemented liquidators must make unsatisfactory choices between what is safe and what is in creditors’ best interests, says Robert True at Quinn Emanuel.
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What ACCC Data Reveals About Finance Deals
Recent Australian Competition and Consumer Commission data confirm that clearances under the new mandatory merger control regime are moving faster than anticipated and that the system’s waiver process works particularly well for low-risk transactions, making it a natural fit for the financial services sector, say lawyers at Squire Patton.
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Australian Payments Reg. Proposals Will Broaden Oversight
The Australian government’s recent payments regulation proposals for a more activity-based licensing framework will significantly expand the perimeter of entities, indicating that the regulators view payment systems, digital assets and tokenized financial infrastructure as part of a connected regulatory ecosystem, say lawyers at Corrs.
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Australia's Computer Patent Ruling Will Aid Global Companies
While courts around the world have struggled to articulate a technology-neutral test for patentability of computer-implemented inventions, a recent decision by Australia's top court offers a decisive answer, creating strategic opportunities for overseas applicants, say attorneys at Mallesons.