Financial Services AU
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September 18, 2026
Federal Judge Costs Order Ends 'Crescent' Trademark Dispute
The Federal Court has rejected Crescent Capital Partners' bid to appeal costs owed to Salaam Wealth after the private equity firm dropped its trademark case following Salaam's 2024 rebrand, ending a dispute that spanned more than a decade.
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September 18, 2026
Fed Court Clears $2.3M SMSF Transfers, Orders Wind-Up
The Federal Court has approved the winding up of the McLennan Holdings self-managed super fund after its receiver found that $2.3 million in withdrawals and transfers by two retired members caused no loss to the fund and did not breach superannuation law.
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September 18, 2026
Former High Court Judge William Gummow Dies Aged 83
Former High Court of Australia Justice William Gummow who ruled on the landmark Wik case and taught law at the University of Sydney and ANU, has died at the age of 83, the court has announced.
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September 17, 2026
NSW Chief Justice Warns Of 'New Legal Problems' From AI
The Chief Justice of New South Wales has warned that generative artificial intelligence will create "new legal problems and issues for lawyers," including liability for damage caused by the technology and increased regulation.
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September 17, 2026
Macquarie Hit With Gordon-Led Class Action Over Shield Collapse
Macquarie will face a class action alleging it failed to compensate customers for losses stemming from the Shield superannuation fund collapse, after proceedings were lodged in the Supreme Court of Victoria on Thursday.
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September 17, 2026
Law Council Backs Reform Of Practical Legal Training
The Law Council of Australia has backed reforms to practical legal training's "design, delivery and regulation" to better prepare graduates for modern legal practice, including embedding more practical skills and improving workplace training, ahead of a national conference examining potential reform models in November.
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September 17, 2026
AIG Not On Hook For 'Double Insurance' On Allianz Payout
A Federal Court judge on Thursday ruled AIG Australia did not owe Allianz Australia indemnity for a nearly $1.7 million workplace injury payout, saying a related AIG policy, although "poorly drafted," was not meant to cover a loss already covered by another insurance policy.
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September 17, 2026
Pengana, WAM Settle Court Clash Over PIA Buyback Conflicts
Rival Australian fund management firms Pengana Capital and WAM Global have settled their Supreme Court of NSW court fight mid-trial over the former's subsidiary Pengana International Equities Limited (PIA) and an alleged conflict of interest in a buyback scheme involving PIA's board and WAM's founder Geoff Wilson.
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September 17, 2026
ACCC Agrees To Trial Of Multi-Bank Fee-Free Regional ATMs
The ACCC has approved a three-year trial of multi-bank fee-free ATMs in up to 20 underserved regional and remote communities to support access to cash, which still accounts for around 15 percent of transactions, in a determination on Wednesday.
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September 17, 2026
ASIC Extends Financial Markets Standards Pact To 2029
ASIC has extended its cooperation agreement for a second time with the Financial Markets Standards Board for three years to September 2029, allowing the regulator to continue providing feedback on FMSB standards and guidance before they are finalised.
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September 16, 2026
CommSec Wins $75k Costs From Persistent Plaintiff
A New South Wales Supreme Court judge on Wednesday granted CommSec a $75,000 indemnity costs order against a self-represented litigant, saying he wrongly pushed ahead with a creditor's claim over the cancellation of his trading account despite previous unsuccessful lawsuits in Queensland, the ACT and before the NSW Supreme Court and repeat warnings his case was lacking.
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September 16, 2026
Justice Rowena Orr To Lead Victorian Court of Appeal
Victorian Court of Appeal Justice Rowena Orr, known for her role as senior counsel in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry where her performance earned her the nickname 'Shock and Orr', has been appointed as the court's new President.
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September 16, 2026
Ex-Keystone's Chiodo Files $200M Construction Fraud Suit
Paul Chiodo, the embattled former Keystone director, launched a lawsuit by his property development firm seeking more than $200 million from construction company City Built, its director Robert Filippini, family members of Filippini and three related businesses over an alleged years-long scheme of falsified and inflated invoices from subcontractor and suppliers with money allegedly off-loaded to family members to buy luxury cars and property.
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September 16, 2026
RAMS Strikes Deal To End Ex-Franchisee Class Action
Former Westpac subsidiary RAMS Financial Group has reached an in-principle settlement in its class action suit brought by ex-franchisees in the Federal Court of Australia in Sydney.
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September 15, 2026
Super Investors Lash 'Concerning' ASX Board Gender Target
The Australian Council of Superannuation Investors has called the Australian Securities Exchange's draft corporate governance plan, which targets 30% female board representation, as insufficient and "concerning."
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September 15, 2026
'Cautious Letting In' Of Women To Bar Persists, Justice Says
A High Court of Australia Justice has said that the "cautious letting in" of women persists at the bar as she called for greater diversity in the legal profession.
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September 15, 2026
ACCC Merger Rules Spur Early Deal Reviews: Holding Redlich
The ACCC's new merger rules are pushing businesses to consider potential regulatory issues much earlier in the deal process without slowing down transactions, according to a report by commercial law firm Holding Redlich.
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September 15, 2026
CBA Appoints New Chief Of NZ Subsidiary ASB Bank
The Commonwealth Bank has appointed Sinead Taylor as the new chief executive officer and managing director of New Zealand subsidiary ASB Bank Limited, replacing Vittoria Shortt who will step down in December after almost nine years in the role.
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September 15, 2026
Pengana Asks Court To Halt WAM PIA Buyback Over Conflicts
Investment manager Pengana Capital said it is suing subsidiary Pengana International Equities Limited (PIA) over alleged conflicts of interest in a buyback scheme involving PIA's board and shareholder WAM Global arguing shareholders "will be materially worse off" in a NSW Supreme Court hearing on Tuesday.
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September 15, 2026
First Super Taps UWU Leader Tim Kennedy as New CEO
First Super says it has appointed United Workers Union national secretary and former LUCRF Super Chair Tim Kennedy as its new chief executive officer from October 5, according to a statement on Monday.
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September 14, 2026
Australia's First Female High Court Justice Mary Gaudron Dies
Justice Mary Gaudron KC, the first female High Court Justice who ruled on the landmark Mabo case, has died at the age of 83, the court has announced.
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September 14, 2026
EY Hit With Fair Work Lawsuit By Ex-Oceania Tech Leader
A former Ernst & Young Oceania technology leader has filed a Fair Work claim against the professional services company in the Federal Court in Sydney, alleging unfair dismissal.
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September 14, 2026
Ashurst Adds HSF Kramer Lawyer To Private Capital Team
Ashurst Perkins Coie has lured Herbert Smith Freehills Kramer special counsel Ben Plotnik as a Melbourne-based partner in its corporate practice team.
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September 14, 2026
ACCC Makes Realestate.com Scrap Agent All-In Listing Rule
REA Group, owner of Australia's largest online residential real estate listing portal realestate.com.au, has agreed to remove contract restrictions requiring agencies to list all or most of their properties on the platform as part of court-enforceable undertaking by the ACCC over competition concerns.
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September 14, 2026
McPherson's, Ex-CEO Appeal Misleading Investors Finding
Skincare company McPherson's Ltd has filed for leave to appeal a Federal Court ruling that the company misled investors over late disclosure of sales forecasts and that its former CEO breached his duty of care.
BDO Resists Keystone Liquidators' Bid For Shield Audit Docs
BDO, auditor of the now-collapsed Shield Master Fund, has continued to resist a scheme proposed by liquidators for access to documents on BDO's audit procedures, telling a Federal Court registrar on Friday that the documents were commercially sensitive and that the liquidators' proposed access controls weren't clear or comprehensive enough.
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ASIC Wins Freeze on $19M Resort Scheme, CEO's Assets
A Federal Court judge has frozen the assets of Star Investment Group and its CEO Ijaz Ahmad and barred him from leaving Australia if he returns from Pakistan, amid ASIC concerns investors were misled into a $19 million-plus unregistered Victorian resort investment scheme that used potentially misleading promotional material, and is likely insolvent with money raised sent overseas.
ANZ Beats Ex-Trader's Whistleblower, Adverse Action Claims
The Federal Court of Australia has tossed out former star trader Etienne Alexiou's adverse action and whistleblower case against his former employer ANZ, finding only that the bank breached his contract in clawing back deferred equity.
BDO Resists Keystone Liquidators' Bid For Shield Audit Docs
BDO, auditor of the now-collapsed Shield Master Fund, has continued to resist a scheme proposed by liquidators for access to documents on BDO's audit procedures, telling a Federal Court registrar on Friday that the documents were commercially sensitive and that the liquidators' proposed access controls weren't clear or comprehensive enough.
ASIC Wins Freeze on $19M Resort Scheme, CEO's Assets
A Federal Court judge has frozen the assets of Star Investment Group and its CEO Ijaz Ahmad and barred him from leaving Australia if he returns from Pakistan, amid ASIC concerns investors were misled into a $19 million-plus unregistered Victorian resort investment scheme that used potentially misleading promotional material, and is likely insolvent with money raised sent overseas.
ANZ Beats Ex-Trader's Whistleblower, Adverse Action Claims
The Federal Court of Australia has tossed out former star trader Etienne Alexiou's adverse action and whistleblower case against his former employer ANZ, finding only that the bank breached his contract in clawing back deferred equity.
Editor's Picks
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KPMG Faulted For 'Overly Legalistic' Whistleblower Response
KPMG Australia took an "overly legalistic" approach to the whistleblower, failed to support them and placed too much emphasis on workplace grievances rather than the ethical issues, according to a review by strategic consulting firm The Andrews Group commissioned by KPMG and released on Thursday.
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Plus500 Fails To Stop Class Action On Void Arbitration Clause
The Full Court of the Federal Court of Australia has dismissed an appeal by online trading platform Plus500 and upheld the refusal to stay a consumer class action with the court holding that an arbitration clause was an unfair contract term and therefore void.
Expert Analysis
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Practice Leader Insights
Practice group leaders share thoughts on keeping the pulse on legal trends, tackling difficult cases and what it takes to make a mark in their area in this Law360 Australia Expert Analysis series.
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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.