Tag: Asic

Lack of familiarity with employee and contractor definitions could lead companies to meet ‘large company’ criteria, necessitating audited account filings.

A Senate committee made 12 recommendations for digital currency including a new market licence for Australia’s crypto exchangers.

Once convinced, the target will then transfer their superannuation to what they believe is a new fund, but is actually a bank account belonging to the scammer.

ASIC has released guidance on repaying wrongly charged customers, proposing that the seven-year minimum time frame to start consumer remediation and $20 compensation limit be removed. Yesterday ASIC released a consultation paper noting that licensees should “apply best endeavours” to find and pay consumers, listing a raft of guidance on remediation and repayment. Announcing the […]

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 […]

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 […]

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 […]

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 […]

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 […]

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 […]