Author Archives: ETE

On 5 June 2024, the directors of TCL and TCSL placed the firms into administration. Ed Boyle and Robert Spence from Interpath Advisory (Interpath) were appointed as the joint administrators for both firms. TCL and TCSL are authorised and regulated by the FCA. They used Tenet Network Services (TNS) and TenetConnect as trading names. TCL […]

Introduction UK asset management – the second largest asset management centre in the world, responsible for £11 trillion of mainstream assets, roughly half of which is managed for overseas clients – is a global success story for the UK. It is undoubtedly a sector where the UK holds a comparative advantage. It is one that, […]

The Federal Court has found LGSS Pty Limited, as trustee of the superannuation fund Active Super (Active Super), contravened the law in connection with various misleading representations concerning its environmental, social and governance (ESG) credentials. Active Super claimed in its marketing that it eliminated investments that posed too great a risk to the environment and […]

ASIC has made an interim stop order preventing Australian Unity Funds Management Ltd (Australian Unity) from issuing or distributing interests in the Australian Unity Select Income Fund (Fund) to retail clients. ASIC’s action was in response to concerns that Australian Unity failed to take reasonable steps likely to result in distribution conduct being consistent with […]

The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today published their Final Reports on Greenwashing in the financial sector. See ESMA, EBA, and EIOPA reports. ESAs coordinated approach on greenwashing risks In their respective reports the ESAs reiterate the common high-level understanding of greenwashing as a practice whereby sustainability-related statements, declarations, actions, or […]

The Federal Court has relieved Block Earner from liability to pay a penalty for contraventions related to unlicensed financial services when it offered its crypto-related Earner product. The Court found Block Earner’s contraventions to be serious. However, the Court relieved Block Earner from liability to pay a penalty on the basis, among other things, that […]

Check against delivery Thank you for the opportunity to appear here today at Senate Budget Estimates. I am joined today by Deputy Chair Sarah Court and commissioners Kate O’Rourke, Alan Kirkland and Simone Constant. Also present today are Chief Executive Officer, Greg Yanco (appearing for the first time in that role today); our General Counsel, […]

New research shows many Australians in financial hardship are not asking their lenders for help. Australians are being urged to directly seek financial hardship assistance from their bank or lender, as new nationwide research released by ASIC’s Moneysmart sheds light on the state of financial hardship in Australia. The research found that 47% of Australian […]

The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) published today a discussion paper on the potential review of the investment firms’ prudential framework. The discussion paper aims at gathering early stakeholder feedback to inform the response to the European Commission’s call for advice (CfA). The consultation runs until 30 August […]

The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published templates, technical documents and tools for the dry run exercise on the reporting of registers of information in the context of Digital Operation Resilience Act (DORA) announced in April 2024. The materials published today include: templates for the registers of information with […]