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Financial Services AU
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July 16, 2026
Government Eyes Crime For Firms Ignoring Modern Slavery
The Federal Government on Thursday announced plans for a new criminal offence for large companies that fail to stop modern slavery in their supply chains, as well as new civil penalties and enforcement powers for non-compliance with existing modern slavery laws.
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July 16, 2026
Fintech Bolt Fails To Block Service Suspension On AML Gaps
Fintech payments provider Bolt Group lost a bid to stop its clearing system provider from suspending its services in the Federal Court in Sydney on Thursday, after the provider raised concerns about the risk of financial crime going undetected in the fintech's systems.
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July 16, 2026
EQT Raises Perpetual Takeover Bid To $2.5B After Rebuff
Perpetual has received a new, higher $2.5 billion takeover bid from private equity firm EQT's Windflower, the asset manager said on Wednesday, after rejecting an earlier $2.45 billion offer as inadequate.
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July 15, 2026
Mercer Super Chief To Exit After $10.3M Reporting Fine
Mercer Super CEO Claire Ross will leave the fund in August, its parent company Marsh said on Tuesday, weeks after the superannuation fund was fined $10.3 million by the Federal Court for failures to investigate member services issues, including its handling of refunds following the death of members.
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July 15, 2026
Aussie Says Class Plaintiff Mistaken On Loan Insurance Pitch
Aussie Home Loans suggested on Wednesday that the lead plaintiff in a class action accusing its brokers of inappropriately selling mortgage protection insurance may have been confused about how and what specific insurance was actually offered to him, undercutting his case.
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July 15, 2026
Former Star CEO, Legal Chief Appeal $1.1M In Penalties
Former Star Entertainment CEO Matt Bekier and former Star legal chief Paula Martin have appealed to the Federal Court after being hit with a combined $1.1 million in penalties for anti-money laundering compliance breaches.
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July 15, 2026
PM's AI Plan Draws Call For Accountability, Not Overregulation
Australia's proposed national AI standards must clearly establish who is responsible when automated systems cause harm without creating a fragmented or overly burdensome regulatory regime, leading law firm partners have told Law360.
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July 15, 2026
ASIC Ban On Ex-Adviser Tied to First Guardian Widens Toll
ASIC has banned former MWL Financial Services adviser Nicole Niu from providing financial services or managing a financial services business for five years after she made false claims that encouraged clients to invest their superannuation in the collapsed Shield Master Fund and First Guardian funds, including that they offered better returns and outperformed alternatives.
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July 15, 2026
NAB's WealthHub Fined $1M By ASIC On 9.5M Reporting Fails
NAB's online broker WealthHub has been fined over $1 million by ASIC for failures to accurately report regulatory data more than 9.5 million times over a decade-long period, the regulator said on Wednesday.
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July 15, 2026
Ex-Keystone Director Loses Bid To Block Bank Subpoenas
A Federal Court judge won't allow former Keystone Asset Management director Paul Chiodo to appeal interlocutory orders refusing to set aside subpoenas issued to ANZ, CBA and Westpac seeking banking records for Chiodo and his family by Keystone's receivers.
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July 15, 2026
Clive Palmer Loses Appeal To Halt ASIC Criminal Cases
The Full Supreme Court of Queensland's Court of Appeal rejected mining billionaire Clive Palmer's appeal against a magistrate's refusal to throw out ASIC's three criminal cases against him on Tuesday.
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July 14, 2026
Aussie Says Mortgage Class Downplayed Advice Warnings
A class of Aussie Home Loans customers who allege mortgage brokers inappropriately sold them protection insurance wrongly downplayed evidence of a "sequence" of warnings that any insurance offer was based on general advice, Aussie told a Federal Court judge Tuesday.
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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.