Author Archives: ETE

OnePath Life Pty Ltd (OnePath) is remediating up to $35 million to over 40,000 customers who were sold life insurance policies over the phone between 2010 and 2016. This remediation flows from ASIC intervention and action over the past three years. ASIC took action to stem and remediate harms caused by OnePath’s poor telephone sales […]

From 1 July 2021, providers of debt management services (including firms offering ‘debt negotiation’ or ‘credit repair’ services) are regulated under the National Consumer Credit Protection Act 2009 (National Credit Act). This means providers of these services must: hold a credit licence with an authorisation that covers those services (or act as a representative of […]

Westpac has committed to remediating customers whose financial advisers may have failed to notify them of corporate actions between 2005 and 2019. Westpac estimates approximately $87m will be paid in compensation to affected customers who are former clients of Westpac’s advice businesses and held ASX-listed securities through platforms. Corporate actions cover a range of activities […]

ASIC has today released Consultation Paper 342 Proposed amendments to the ASIC market integrity rules and other ASIC-made rules (CP 342). The proposed amendments are designed to reduce the regulatory burden on participants, streamline rules across rule books and remove ambiguity in existing drafting. Some changes have been made necessary by recent changes to the […]

The Full Federal Court today dismissed an application by Cigno Pty Ltd (Cigno) which sought to quash ASIC’s first product intervention order in relation to short term credit. ASIC made the industry wide order, ASIC Corporations (Product Intervention Order – Short Term Credit) Instrument 2019/917, on 12 September 2019 to address what it considered to […]

ASIC has updated its class order on exchange traded funds (ETF) to allow ETF issuers to use overseas market makers. ASIC has made ASIC Corporations (Amendment) Instrument 2021/299 (Amending Instrument) to amend Class Order 13/721 [CO 13/721] (Class Order). The Amending Instrument removes the requirement in the Class Order that an authorised participant must be […]

The Administrative Appeals Tribunal (AAT) has dismissed an application for review of ASIC’s decision to permanently ban former financial advisor, Mr Robert Hutchison, from providing financial services. On 9 June 2021, Mr Hutchison failed to appear at an AAT directions hearing dealing with the review application after remittal from the Federal Court. The AAT dismissed […]

Peter Ross Dunkley of Clovelly, NSW, has been charged with three counts of breaching his directors’ duties. Mr Dunkley was the sole director of APD Building Pty Ltd (ACN 108 239 845 (In Liquidation) (APD). APD operated as a residential building contractor in NSW. On 19 July 2017, Mr Dunkley appointed voluntary administrators to APD […]

Regulators in Australia are reiterating the importance of ensuring a timely transition away from the London Interbank Offered Rate (LIBOR). This requires ceasing the use of LIBOR in new contracts before the end of 2021. On 2 June 2021, the Financial Stability Board (FSB) announced that all new use of LIBOR benchmarks should cease as […]

ASIC has today published Information Sheet 255 Activist short selling campaigns in Australia , considering the practice of ‘activist short selling’ in Australia and outlining ASIC’s expectations to promote market integrity during these campaigns. Activist short selling involves a person taking a short position in a financial product and then publicly disseminating information directly or […]