Author Archives: ETE

ASIC has issued a letter reminding general insurers of their obligations as Australian financial services (AFS) licensees when handling insurance claims, especially in response to severe weather events. General insurers have a responsibility to act efficiently, honestly, and fairly, and resolve claims in a timely manner. Communities across Australia have been impacted by several severe […]

The FCA and industry implemented the changes to the high net worth exemption by 31 January 2024 as required under the law. These changes were taken forward after detailed consultation and recommendations made by the Treasury Select Committee in 2021 that the government should re-evaluate the appropriateness of the Financial Promotion Order exemptions. We will […]

I don’t know how many of you watch what I would call ‘typical’ Hallmark Christmas movies. At the risk of spoiling the plot these often follow a very similar pattern. An American woman with a thriving career in the big city goes home for Christmas. There she helps to save a struggling business, reviving the […]

The Financial Conduct Authority (FCA) has today committed to investigate the use of personal guarantees by lenders to support loans to certain small businesses. The steps come in response to a super complaint from the Federation of Small Businesses (FSB). The FSB has raised concerns that a growing demand for personal guarantees by lenders has […]

We have written to CEOs of Annex 1 firms setting out our findings from our recent assessments of how firms are complying with money laundering regulations. Annex 1 businesses, which include some lenders, safe custody providers, money brokers and financial leasing companies, undertake specified activities which mean they must be registered and supervised by us […]

On the 29 February, the Federal Court found that R M Capital Pty Ltd (RM Capital) failed to take reasonable steps to ensure that its authorised representative, the SMSF Club Pty Ltd (SMSF Club), did not accept conflicted remuneration. ASIC’s case alleged that SMSF Club advised its clients to set up self-managed superannuation funds (SMSFs) […]

New data has revealed nearly 3,500 investment scam websites have been knocked out by ASIC’s scam website takedown capability since it was launched in July 2023, as ASIC sharpens its efforts to protect Australians from digitally enabled misconduct. ASIC’s latest enforcement and regulatory update highlights the regulator’s investment scams disruption work, as well as its […]

The National Anti-Scam Centre is warning consumers to beware of fake news articles and deepfake videos of public figures that endorse and link to online investment trading platform scams, particularly on social media. Last year, Australians reported losing more than $8 million to online investment trading platform scams, with 400 reports made to Scamwatch. ‘We […]

ASIC has disqualified Alaa El Hassan of Sydney, New South Wales, from managing corporations for 5 years due to his involvement in the failure of seven companies that went into liquidation during 2018 and 2019. Mr Hassan was a director of seven companies which operated across a variety of industries including the hospitality, construction, cleaning […]

ASIC has applied to the Federal Court to wind up retail OTC derivative issuer Prospero Markets Pty Ltd (Prospero) on just and equitable grounds. ASIC commenced its investigation into Prospero following the Australian Federal Police’s Operation Avarus-Nightwolf which resulted in former officers and responsible managers of Prospero being charged with money-laundering offences in October 2023 […]