Financial Services AU
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August 10, 2026
Ex-Finance Firm Boss Gets 6.5 Years For Siphoning $1.75M
The former sole director of an investment firm serving the Muslim community has been jailed for 6.5 years by the District Court of NSW after transferring $1.75 million of company money into his own pockets.
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August 10, 2026
Allens, Ashurst KPMG Reports Published on 'Public Interest'
A parliamentary joint committee has released the legal advice documents law firms Ashurst and Allens provided to KPMG Australia into whistleblower allegations, citing "compelling public interest" and overriding the auditing giant's request for legal professional privilege.
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August 10, 2026
Star's Ex-GC Martin Wins Stay of $400k ASIC Fine
Star Entertainment's former general counsel Paula Martin last week won a stay of her $400,000 fine while she appeals a ruling that she failed in her duties as a director to inform the company's board of money-laundering risks at the Sydney casino.
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August 10, 2026
Mallesons Takes Lead Role On $900M oOh!media Deal
Mallesons is advising Sydney-based outdoor advertising company oOh!media on its nearly $900 million acquisition by U.S. private equity firm I Squared Capital, the companies announced on Monday.
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August 10, 2026
ASIC Hits 5-Year High In Financial Services Bans, Restrictions
ASIC said it removed or restricted 87 individuals and businesses from providing financial services in the year ended June 2026, the highest number the regulator has delivered in five years.
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August 07, 2026
Judge Extends Asset Freeze On Falcon Capital Founder
A Federal Court judge on Friday granted ASIC's request to extend an asset freeze on Simon Selimaj, founder of the operator of the collapsed First Guardian Master Fund, after Selimaj had protested that the freeze and a previously lifted travel ban were "destroying my life."
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August 07, 2026
WA Taps 3 Judges For Supreme, Appeal Court Vacancies
The Western Australia Attorney General has announced the appointment of Supreme Court Justice Stephen Lemonis to the Court of Appeal and District Court Judge Tania Jeyamohan and barrister Steven Wong to the Supreme Court from August 10, to "address vacancies and maintain judicial capacity" in both courts.
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August 07, 2026
Treasury Delays Insolvency Review Citing Productivity Inquiry
Treasury will not consider reviewing Australia's corporate and personal insolvency laws until after a separate Productivity Commission inquiry is complete next year, despite saying it largely supports a parliamentary inquiry's recommendations to simplify liquidation processes and lower reporting burdens.
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August 07, 2026
Justice Murphy Defends Class Action System In Final Speech
Justice Bernard Murphy has used his final speech as a Federal Court judge to champion Australia's class action system, saying he worked to "ensure that it was fair and equitable."
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August 07, 2026
ASIC, Netwealth Urge Approval Of $100M First Guardian Deal
ASIC and Netwealth Superannuation jointly urged a Federal Court judge on Friday to approve a more than $100 million agreement under which the company has already fully compensated customers for their net deposits into the collapsed First Guardian Master Fund, without further penalty.
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August 07, 2026
Ex-Coco Joy CEO Gets 6 Months After Appeal Win
A NSW District Court on Wednesday resentenced the former CEO and director of coconut water company FAL Healthy Beverages, Tim Xenos, to six months' imprisonment, down from 18 months, after his conviction for dishonestly using his position as director for personal gain was overturned in April but held his conviction for making business decisions while disqualified and failing to disclose salary and bank accounts to his bankruptcy trustee.
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August 07, 2026
Palmer Fails To Quash Magistrates Criminal Case in Fed Court
Billionaire Clive Palmer's attempts to overturn a magistrate's refusal to dismiss criminal proceedings against him over alleged fraudulent transfers to his political party have hit another hurdle with a Federal Court judge in Brisbane rejecting his latest application, and refusing to recuse himself from the case.
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August 07, 2026
Ex-Nuix Director Says IPO Allegations Not Properly Pleaded
The Supreme Court of Victoria has heard that a class action centring on misleading IPO representations against software company Nuix, Macquarie Capital and former director Daniel Phillips failed to properly plead its case against Phillips.
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August 06, 2026
ASIC Suspends CFD Issuer GFA's Licence On Compliance Fail
ASIC has suspended the financial licence of GFA Capital Markets for five months following an industry-wide review into over 50 licensed contracts for difference (CFD) issuers, citing the firm's "multiple client money, reporting obligation and compliance failures."
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August 06, 2026
KPMG Says Disputed Arrium Audits Were Reasonable
KPMG auditors acted reasonably and used appropriate professional judgment when auditing the allegedly misleading financial reports of steelmaker and miner Arrium Ltd, they told the Victorian Supreme Court on Thursday.
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August 06, 2026
ACCC Chair Urges Smarter, More Proportionate Regulation
ACCC chair Gina Cass-Gottlieb called for "better regulation" rather than more regulation in a speech on Thursday, saying oversight should be proportionate to the problems it seeks to address.
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August 06, 2026
NSW AG Rejects Misconduct Findings Against DPP Chief
The NSW Attorney General has rejected a state committee's findings of misconduct against the NSW Director of Public Prosecutions Sally Dowling after advice from a senior counsel and two barristers found a lack of "evidentiary basis."
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August 06, 2026
Court Says AFCA Late-Complaint Ruling Isn't Reviewable
A Federal Court judge has tossed a former IG Markets client's challenge to AFCA's refusal to consider his late complaint over alleged derivatives losses, saying the dispute falls within the broad bar on judicial review of AFCA decisions.
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August 06, 2026
QB4 Loses Bid To Appeal Costs Orders In Guardian Dispute
The Federal Court of Australia has dismissed asset manager QB4 Capital's bid to appeal costs orders in a dispute over about $520,000 in legal and audit fees, clearing the way for $8.5 million to finally be distributed to investors in Guardian Securities.
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August 05, 2026
Arrium Directors Say Claim They Ignored Troubles 'Nonsense'
Directors of collapsed steelmaker and miner Arrium Ltd hit back on Wednesday at shareholder allegations they wrongly ignored negative industry data that should have underpinned their financial modelling, telling a Victorian Supreme Court judge that the company's disputed financial reports were reasonable and well-supported by available information.
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August 05, 2026
Federal Court Axes Class QBE COVID Appeal On Limited Use
The Full Court of the Federal Court of Australia has tossed out a class action appeal against QBE Insurance and underwriter Lloyds over COVID-19 business losses for reasons of practical utility, ordering applicants to pursue claims independently or not at all.
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August 05, 2026
Brambles Loses Bid To Pause Costs Order In Class Action
Brambles will have to pay an estimated $12 million in costs after a Federal Court judge dismissed a bid to pause a lump-sum assessment of costs owed to shareholders, despite the logistics giant appealing the landmark class action, in a judgment published on Monday.
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August 05, 2026
Insurance Groups Urge End to NSW Emergency Services Levy
Insurance groups have urged the New South Wales government to abolish the emergency services levy in favour of a property-based one before next year's state election, arguing the tax on insurance raises premiums and leads to greater uninsurance.
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August 05, 2026
'Alarm Bells' Rang Before PAC Merger, Court Told
The former directors of Pacific Current Group Ltd (PAC) approved the $193 million merger with fellow asset management firm Northern Lights Capital Partners LLC despite "alarm bells" ringing among the board over asset valuations of the U.S.-based firm, counsel for PAC told the Full Court of the Federal Court of Australia in Melbourne on Tuesday.
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August 05, 2026
Aware Super, Prime Super Weigh Merger For $254B Fund
Aware Super and Prime Super may merge to create a superannuation fund with around $254 billion in funds under management and more than 1.4 million members, the companies said on Wednesday.