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Financial Services AU
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July 20, 2026
Perpetual Rejects Second EQT Bid Worth $2.5B As Too Low
Perpetual has rejected private equity firm EQT's $2.5 billion second takeover bid, saying on Friday that the offer's additional $50 million still did not represent fair value for its shareholders.
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July 20, 2026
Maurice Blackburn Gets 33% Fee Order In Entain Class Action
A Victorian Supreme Court judge has granted Maurice Blackburn a group costs order of 33% as plaintiff's lawyer in a class action against betting giant Entain Group, which alleges an 'in‑play' betting service on its website and smartphone app was barred under gambling legislation.
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July 20, 2026
AFCA Fairly Split Super Death Benefit, Says Federal Court
A Federal Court judge has backed AFCA's decision to divide a woman's $350,000 superannuation death benefit four ways, ruling her partner was not entitled to the entire amount over her three adult children.
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July 19, 2026
ASIC Penalties Hit Record $830M on Banks, Super Fines
ASIC secured a record $830 million in civil penalties in the last fiscal year, driven by enforcement action against major banks, super trustees and financial services firms including Union Standard, HSBC, Macquarie Securities, Westpac and Mercer Super, the regulator said on Monday.
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July 17, 2026
Australian Fiduciaries Licence Cut After Compensation Payout
ASIC has cancelled the financial services licence of Australian Fiduciaries after the Compensation Scheme of Last Resort (CSLR) paid to compensate the defunct investment firm's investors, the regulator said on Friday.
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July 17, 2026
Judge Blocks RH Capital's $23M Debt Demands As 'Disruptive'
A Federal Court judge has set aside statutory demands issued by investment firm RH Capital seeking repayment of $23 million owed by two 3D printing companies in receivership, calling the decision to serve the demands "disruptive" because a separate proceeding over the same loans was already underway in the same court.
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July 17, 2026
NCAT Rejects Ibrahim Bid For Police Records On Debanking
A New South Wales tribunal has denied Fadi Ibrahim, brother of notorious former nightclub owner John Ibrahim, access to communications between the NSW Police, banks and AUSTRAC after he was debanked following a conviction for handling suspected crime proceeds.
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July 17, 2026
ASIC Bans Another Ex-MWL Adviser Over Risky Shield Advice
ASIC has banned former MWL Financial Services adviser Christian Henry from providing financial services or managing a financial services business for three years.
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July 17, 2026
ASIC Warns Older Aussies On Fake Stock Tip Social Scams
ASIC on Friday warned that scammers were impersonating banks and market commentators on social media, luring older Australians into private messaging app groups with fake stock tips designed to inflate share prices before selling and leaving investors with heavy losses.
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July 17, 2026
Shareholder Suits Lead Growing Class Action Filings: Law360
Shareholder and investor cases continue to form the biggest single block of the dozens of class actions in Australia, as the volume of ongoing cases continues to steadily grow, according to analysis by Law360.
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July 16, 2026
Judge Cuts Fees In 'Disappointing' $120M AMP Class Deal
A Federal Court judge on Thursday approved a "very disappointing" $120 million settlement in a class action alleging AMP overcharged superannuation customers for administration fees, while cutting the proposed percentage awarded to the plaintiffs' law firms and litigation funders.
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July 16, 2026
Chalmers Pushes ASIC, APRA To Prioritize Economic Growth
Treasurer Jim Chalmers told financial regulators ASIC and APRA to place a greater emphasis on supporting economic growth, as the government seeks to cut regulatory burden, in new statements of expectations released on Thursday.
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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.