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Financial Services AU
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August 03, 2026
Westpac Completes $15.4B RAMS Loans Sale After ASIC Fine
Westpac has completed the sale of its subsidiary RAMS' $15.4 billion home loan portfolio to a consortium including Pepper Money, KKR and PIMCO, the bank said on Monday, months after the Federal Court fined RAMS $20 million for widespread home loan compliance failures.
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August 03, 2026
Court Clears Unwind Of Brite Frozen Funds in 'Rough Justice'
A Federal Court judge has authorised the receivers of investment manager and pension fund provider Brite Advisors to unwind its client trust assets, pool together the assets and divide them amongst the bulk of the 2,000 beneficiaries according to entitlement and without interest, citing a "rough justice" approach given the complexity of the case.
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August 03, 2026
Justice Pike To Lead NSW Supreme Court Class Actions List
The NSW Supreme Court will place management of all class actions under Justice Ian Pike as part of a broader reshuffle of specialist judicial lists that will take effect from Sept. 7, Chief Justice Andrew Bell AC said in a statement released on Friday.
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August 03, 2026
TMX Seals Cboe Australia Deal, Rebrands to TMX Australia
Canadian stock exchange operator TMX Group Limited said it has completed its acquisition of Cboe Australia on Monday and has rebranded Australia's second-largest stock exchange to TMX Australia Exchange, effective from Aug. 1.
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July 31, 2026
First Guardian Founder Calls Travel Ban, Freeze 'Punitive'
A Federal Court judge said on Friday he would lift travel restrictions on Simon Selimaj, founder of the operator of the collapsed First Guardian Master Fund, after Selimaj argued the restriction and a related asset freeze were a "sword of punitive punishment."
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July 31, 2026
HSBC Australia Sells Loans to Blackstone, Closes Retail Bank
Blackstone Inc. announced Thursday that it will acquire HSBC Bank Australia Ltd.'s $36 billion home and personal loan portfolio, as HSBC plans to focus on its corporate and institutional banking presence in Australia and New Zealand and wind down its retail banking business.
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July 31, 2026
AFSA CEO Targets 'Systemic Misuse' Of Insolvency And Debt
AFSA will focus on investigating the "systemic misuse" of personal insolvency proposals and predatory debt agreements, with CEO Tim Beresford saying these are the greatest threats to the insolvency system's integrity in a speech on Thursday.
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July 31, 2026
Judge Says ACCC Debt Collector, Force Legal Claims 'Serious'
A Federal Court judge on Friday said ACCC claims a legal firm and debt collector owned by Credit Clear Limited sent over 320,000 debt collection notices that falsely claimed consumers owed debts already paid were "very serious" and ordered liability be determined before any penalty hearings.
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July 31, 2026
Grant Thornton Australia Cleared For Partnership Buyout Vote
A New South Wales Supreme Court judge has approved a vote by accounting and advisory firm Grant Thornton Australia Ltd's shareholders on its proposed acquisition by a parent company partnership entity.
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July 31, 2026
ASIC Sues First Guardian Auditor Over Alleged Audit Failures
ASIC is suing the auditor of the First Guardian investment fund and two of its individual auditors in the Federal Court in Melbourne, alleging serious failures across the collapsed fund's financial audit reports between 2021 and 2024, the regulator said on Friday.
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July 31, 2026
Judge Rejects CBA Costs Bid Against Law Firm Cornwalls
A Victorian Supreme Court judge has ruled that law firm Cornwalls doesn't owe costs related to bringing Commonwealth Bank of Australia and the receivers it appointed over two companies into a dispute alleging the firm breached its duty of care to the companies.
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July 31, 2026
Allens-backed Janus Henderson Buys 3 Insignia Units
London-based global asset manager Janus Henderson said it is buying three investment management businesses from ASX-listed wealth manager Insignia Financial Ltd as part of a larger strategic partnership between the firms.
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July 30, 2026
Government Rejects Blacklist For 'Unethical' Contractors
The Federal government has rejected a Greens bill that would ban "unethical" contractors from receiving Commonwealth contracts, arguing existing procurement rules already allow agencies to exclude suppliers, conduct due diligence and use contractual remedies, in a statement released on Thursday.
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July 30, 2026
Ex-HIH Solicitor Not Entitled To More Costs, Judge Rules
A New South Wales Supreme Court judge said on Thursday that a solicitor who previously represented shareholders of HIH, the insurer at the center of Australia's largest ever corporate collapse, was not entitled to a greater share of a costs settlement with HIH's liquidators than the $500,000 already given to him.
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July 30, 2026
Commercial Brokers 'Uncertain' If AML Laws Apply to Them
Commercial finance broking groups say new anti-money laundering law reforms could unintentionally include the industry when assisting clients to obtain commercial loans, according to two finance broker associations.
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July 30, 2026
Victorian Courts Disclose Second Data Breach in 2.5 Years
Court Services Victoria has disclosed a second data breach in over two and a half years, revealing the latest incident involved unauthorised access to data including email addresses in the Magistrates' Court of Victoria and the Children's Court of Victoria between 2022 and 2026.
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July 30, 2026
Judge Kyrou Says 'Uncomfortable' On AI, Backs Decision Ban
Federal Court Justice Emilios Kyrou said judges and tribunal members should be "prohibited" from using generative AI to make judicial decisions, citing ethical concerns and possible de-skilling in a speech published on Thursday, where he acknowledged never using AI.
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July 30, 2026
Judge Allows ASIC To Pursue 'Unconscionable' Lending Case
A Federal Court judge on Thursday allowed ASIC to move forward with its case against lender Oak Capital accused of skirting credit laws when originating more than $37 million in loans, despite the firm going into liquidation earlier this year.
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July 30, 2026
QB4 Capital Loses Stay Order In $8.5M Guardian Trust Fight
The Federal Court of Australia on Wednesday denied an 11th-hour application from asset manager QB4 Capital for a stay in distributing $8.5 million to investors in Guardian Securities, with a separate bid to appeal related orders filed the previous day already delaying the release of the funds.
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July 30, 2026
Financial Council Urges Tighter Controls On Advice Licensees
Australia's peak financial services industry group has called for financial advice licensing regulation to be tightened after the $1.1 billion Shield and First Guardian superannuation fund collapses in a new white paper on Thursday.
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July 30, 2026
Zurich's $415M Takeover of Clearview Approved by NSW Court
The Supreme Court of New South Wales approved life insurer ClearView's $415 million acquisition by Zurich Financial Services on Thursday after shareholders voted in favour of the offer this week.
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July 30, 2026
Blanket Ban On Lead Generators Would Cut Choice: SMSFs
A blanket ban on lead generation activities could cause uncertainty and limit genuine referrals, the self-managed super fund body argues, as the Federal government prepares to deliver a consumer protection reform package in response to the Shield and First Guardian Master fund collapses.
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July 29, 2026
Super Investors Urge Stronger Corporate Whistleblower Rules
Companies should be required to disclose policies for dealing with whistleblowers because they are "a prerequisite for good corporate governance," the Australian Council of Superannuation Investors (ASCI) said in a letter sent to Assistant Treasurer Daniel Mulino on Wednesday.
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July 29, 2026
Investment Scammer Gets Lifetime Ban Over 'Evil Scheme'
A Federal Court judge on Wednesday permanently banned investment scammer Larry Dawson from managing corporations after he had served more than three years in prison, saying he wanted to send a "very clear message" to would-be fraudsters.
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July 29, 2026
Ex-NT Judge Fails To Block Old Sexual Harassment Complaint
A Federal Court judge has refused to toss a sexual harassment and discrimination complaint brought against an unnamed former Northern Territory Supreme Court judge by a former associate, saying the state anti-discrimination official had properly used their discretion to allow the complaint to proceed despite a lengthy gap in filing the claim.