Author Archives: ETE

Take care if you get an unexpected call about your funeral plan, we’re warning consumers. It may be a scam. Don’t engage if you get any unexpected calls from your funeral plan provider asking you to transfer money to top up your funeral plan due to the recent issue at Legacy Independent Funeral Directors. This […]

I am pleased to appear before the Committee today. I am joined by Commissioners Kate O’Rourke, Alan Kirkland and Simone Constant. Deputy Chair Sarah Court is unable to be present today as she is on leave, as we notified the Committee Chair on 21 March 2024. Tim Mullaly, Executive Director of Enforcement and Compliance and […]

ASIC has launched civil penalty proceedings in the Federal Court against Magnis Energy Technologies Limited, alleging the company failed to disclose material information about its self-described “flagship” lithium-ion battery manufacturing facility. ASIC is also suing Magnis executive chairman Frank Poullas for his involvement in Magnis’ alleged disclosure failures and for alleged breaches of his director’s […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has issued its advice to the Central Bank of Ireland (CBI) and the Commission de Surveillance du Secteur Financier (CSSF) on investment restrictions for GBP Liability-Driven Investment (LDI) funds to ensure their resilience. The advice follows the notification from the CBI […]

ASIC has published a summary document on building an understanding of First Nations consumers experiencing, or at risk of, financial abuse following a virtual workshop hosted on 14 March 2024. The workshop with financial services industry representatives explored how industry can adopt community led solutions to support consumers. The workshop provided context on the unique […]

Southern Steel Group Pty Limited (Southern Steel) has re-lodged its financial report for the year ended 30 June 2023 after ASIC’s inquiries. Southern Steel is a large proprietary company, required to prepare an audited financial report, but was exempt from lodging it with ASIC under ‘grandfathering’ provisions. Following amendments made by the Treasury Laws Amendment […]

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) are releasing the public notes on the Superannuation CEO Roundtables held on Wednesday 27 March and Thursday 28 March 2024. The Roundtables were hosted by ASIC Commissioner Simone Constant and APRA Executive Director Carmen Beverley-Smith. They were attended by 20 superannuation […]

ASIC has permanently banned NSW based financial adviser Adele Baaini from providing any financial services, controlling an entity that carries a financial services business, performing a function involved in the carrying on of a financial business or from engaging in credit activities. ASIC found Ms Baaini engaged in dishonest conduct and failed to act with […]

ASIC today released the exam results from the 24th Financial Advisers Exam cycle, held in March 2024. This is the first exam to reflect the amendments in the Corporations (Relevant Providers—Education and Training Standards) Amendment (2024) Measures No. 1) Determination 2024. The exam, conducted by the Australian Council for Educational Research (ACER) since inception, follows […]

ASIC has ordered that Coral Coast Distributors (Cairns) Pty Ltd can no longer sign-up customers into Centrepay credit arrangements in its Urban Rampage stores. The decision comes after ASIC found that those arrangements were unsuitable for consumers in Coral Coast’s target market because they were unlikely to be consistent with their financial situation and placed […]