#Asic
Industry Insights Quarter 3, 2019: Construction remains the worst performing industry but others catch up
It is no surprise that Construction remained the worst industry for court actions in Quarter 3, 2019. However, other industries are showing signs of catching up. Construction remained the worst-performing industry in court actions in all states with the exception of Western Australia. Western Australia which saw retail trade as the worst-performing industry for court […]
Several banks face action from ASIC over add-on insurances that have “failed customers”
The financial regulator is threatening action against lenders including the major banks over the sale of add-on loan and credit card insurance (CCI) that “has consistently failed consumers”. An Australian Securities and Investments Commission (ASIC) report released today found that consumer credit insurance represented extremely poor value for money and was regularly mis-sold. ASIC’s report […]
Royal Commission into banking turns finance industry on its head
The findings of the Royal Commission into the banking and financial services sector is expected to turn the finance industry on its head with fears of interest rate rises following a ban on broker commissions. Scottish Pacific CEO Peter Langham said that adding a broker fee for service would be detrimental to small business owners […]
Funded by the crowd: the new avenue for startups to raise capital in Australia
Equity crowdfunding is a relatively new way for Australians to invest. It’s a smart way to collect donations for a charity cause or raise capital for new products and with recent changes to Australian investment laws, crowdfunding platforms can now be used to raise equity capital for a business startup. [Related: Aspiring ‘neobank’ Xinja raises $2.4m […]
Clive Palmer charged with criminal offence
Following an ASIC investigation, mining magnate and former politician Clive palmer has been charged with breaching takeover law arising from a proposed takeover of The President’s Club (TPC). His company Palmer Leisure Coolum (PLC, previously known as Queensland North Australia) has also been charged over the proposed takeover. ASIC alleges that in April 2012 PLC […]
ASIC report provides small business lenders with guidance on unfair contract terms laws
The Australian Securities and Investments Commission (ASIC) has released a report detailing changes made by the big four banks to remove unfair terms from their small business loan contracts of up to $1 million. The report, Unfair contract terms and small business loans, also provides detailed guidance to bank and non-bank small business lenders about compliance with […]
Expanded fintech regulatory sandbox must be geared towards innovators: industry body
FinTech Australia have flagged their support for the Federal Government’s proposed legislative changes to the fintech regulatory sandbox but called for further improvements to make the sandbox more robust and fintech-friendly. Earlier this month, FinTech Australia’s chair Stuart Stoyan gave evidence to the Senate Economics Legislation Committee, which is inquiring into the provisions of the Treasury Laws […]
ANZ refunding $10.2m to business card holders
ANZ will refund $10.2 million to more than 52,000 business-held credit card accounts due to a failure to properly disclose fees and interest charges, according to financial services regulator ASIC. The bank reported to ASIC that it had failed to disclose – or had incorrectly disclosed – the following information to some of its ‘Business […]
Regulatory barriers to capital lowered as ASIC issues first crowd-sourced funding licenses
Seven companies have become the nation’s first crowd-sourced funding (CSF) intermediaries after receiving Australian Financial Services (AFS) licenses from the Australian Securities and Investments Commission (ASIC). Under the CSF framework, which commenced in September 2017, Big Start, Billfolda, Birchal Financial Services, Equitise, Global Funding Partners, IQX Investment Services and On-Market Bookbuilds have been authorised to […]
Revised Banking Code leaves small businesses vulnerable to penalties, says the Ombudsman
Despite containing some positive initiatives for small business, the revised Banking Code of Practice hasn’t resolved issues with power imbalance and dispute resolution, according to Small Business and Family Enterprise Ombudsman, Kate Carnell. The Ombudsman was consulted on a draft version of the code, provided to ASIC this week for approval; however, she said she […]
Want to be the next Atlassian? Don’t let these five hidden traps crush your startup dreams
Whether you plan on becoming the next Atlassian, or the next big thing in the share economy, many people, at some stage, will have their own new business dream. And in 2017, the startup space to be in is tech. Hundreds upon hundreds of adventurous and enthusiastic minds are venturing into the tech space with […]
How can your business harness AI?
Artificial Intelligence makes headlines every day: alternately promising to save the world, or destroy it completely. There’s no doubt that it holds exciting potential for businesses. A new global study by Capgemini found that 83 percent of firms surveyed reported that AI generated new roles, with three-quarters seeing an uplift in sales related to AI […]
One in two small businesses relying on new protections against unfair contract terms
A survey of 1280 SME operators has found that nearly half (49.6%) had relied on unfair contract terms legislation, implemented last year, to negotiate fairer terms with big businesses during the past six months. Conducted by East & Partners, the SME Transaction Banking survey also showed that nearly four in five respondents (78.2%) were aware […]
China and Australia cooperating on fintech
The Australian Securities and Investments Commission (ASIC) and the China Securities Regulatory Commission (CSRC) have entered an agreement to promote innovation in financial services in their respective markets. The Information Sharing Co-operation Agreement provides a framework for information sharing between the CSRC and ASIC on emerging market trends and developments, as well as regulatory developments […]
ASIC taskforce recommends tripling penalties for corporate & financial sector misconduct
The taskforce charged with reviewing ASIC’s enforcement powers, including penalties regime, has recommended nearly tripling penalties for corporate and financial sector misconduct. In a position paper, published this week, The ASIC Enforcement Review Taskforce expressed concern that penalties available to address corporate and financial sector misconduct are inadequate, inconsistent or too low to act as a […]
Comments from new ASIC chair should prompt government to ditch super reforms, ISA claims
Comments made by the incoming chair of Australian Securities and Investment Commission (ASIC) indicating financial institutions have forgotten whose money they are investing should prompt Federal Government to rethink its super fund governance reforms, argues the Industry Super Australia (ISA). This week, Financial Services Minister Kelly O’Dwyer recommended that James Shipton, a former Goldman Sachs […]
What’s in a (Domain) Name? Nailing the basics
In today’s ever increasing online world, domain names have become one of the most important business assets for sales to consumers, contact with and promotion of businesses; however, many businesses do not turn their mind to the protection of their domain names, leaving themselves exposed to cyber-squatters or tactical competitors and loss of potential business […]
Progress made towards a fairer distribution of power between small and big businesses
When small businesses engage with large enterprises, standard form contracts often leave them with no room to negotiate. Small businesses are left with the choice of either accepting terms heavily weighted against them, or terminating a deal that would be valuable for their business. To protect small businesses from backing into a corner, the unfair […]
Which legal structure best suits my business?
Choosing a business structure is, well, tricky business. If you are thinking of starting a business, you should first weigh up the pros and cons of each business structure to figure out which one best suits your needs. This is an important step that shouldn’t be overlooked because it affects many aspects of your business […]
Fraud case highlights need for due diligence
Mark Steven Grevsmuhl, the superannuation fraudster who swindled 74 people, including friends and family out of $6 million, has been hit with a permanent ban by ASIC. The ban means Grevsmuhl is prohibited from providing financial services and engaging in credit activities. This follows his conviction of multiple counts of fraud in Brisbane District Court on […]
Redefining the traditional business model: How leading the industry in change has lead this start-up to success
Mixing car finance & home loans isn’t something a traditional mortgage broker would consider. But I’m not your traditional mortgage broker. Off the back of a digital advertising & intelligent investment in technology, I’ve built a business that continues to grow exponentially. The Positive Group is now one of Australia’s fastest growing financial services companies. […]
Debt collector advice for consumers in ACCC and ASIC guide
The Australian Competition and Consumer Commission (ACCC) and the Australian Securities and Investments Commission (ASIC) have released a guide to help customers deal with debt collectors and creditors.
Australia: A paradise for white collar crime
The head of the corporate regulator has sent a chilling warning that Australia has become a “paradise” for white-collar criminals due to a lacklustre penalty regime for offences.
Strategic planning failures underpin insolvency figures
A lack of clear strategic planning and execution is behind the failure of too many SMEs with the latest ASIC figures showing it is the leading cause of insolvency for 42 per cent of businesses in the last financial year.