Author Archives: ETE

ASIC will look to take strong, targeted enforcement action in the coming months and into 2024, as part of its focus on member outcomes in the superannuation sector. The enforcement focus comes after ASIC’s enforcement and regulatory update highlighted ASIC’s work to protect consumers, including calling on banks to ensure better consumer outcomes and civil […]

New research shows Gen Zs are feeling financially stressed, with high levels of debt including Buy Now Pay Later use. New nationwide research released by ASIC’s Moneysmart program today shows for seven in ten (68%) Gen Zs, finances are a major cause of concern, more than any other age group (57% of non-Gen Zs). Faced […]

On 25 October 2023, the Administrative Appeals Tribunal (AAT) varied ASIC’s decision to ban Mark Babbage from engaging in credit activities and providing financial services. The AAT upheld the scope of ASIC’s original ban, but varied the banning period from ten years to six years. ASIC had previously banned Mark Babbage for ten years following […]

ASIC calls on organisations to prioritise their cyber security after its report into the cyber capability of corporate Australia identified significant gaps. The report summarises the results of ASIC’s recent cyber pulse survey. The results of the voluntary self-assessment survey have exposed deficiencies in cyber security risk management of critical cyber capabilities, indicating that organisations […]

ASIC has taken action against H.E.S.T. Australia Limited (HESTA), the trustee of HESTA superannuation fund, for alleged false or misleading statements made in their marketing material. HESTA paid $48,600 to comply with three infringement notices issued by ASIC regarding alleged false or misleading statements about its ‘Balanced Growth’ superannuation investment option. The statements referenced 10-year […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is changing its Union Strategic Supervisory Priorities (USSPs) to focus on cyber risk and digital resilience alongside ESG disclosures. With this new priority, EU supervisors will put greater emphasis on reinforcing firms’ ICT risk management through close monitoring and supervisory actions, […]

What’s changed? From 9 November 2023, reforms will make UCTs illegal, attracting substantial penalties under the Competition and Consumer Act 2010 and the ASIC Act 2001, with each unfair term forming a separate contravention. The reforms also expand the class of small business that can rely on UCT protections. To meet the small business threshold from 9 […]

ASIC has overseen more than $17.4 million in combined compensation payments to over 2,000 retail clients affected by breaches of financial services laws by eight retail OTC derivative issuers. This compensation figure, being paid or agreed to be paid since March 2021, comprises: a combined $4.3 million paid or agreed to be paid to over […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter. Your one-stop-shop in the world of EU financial markets focused in October on the preparations for a smooth transition to the Markets in Crypto-Assets Regulation (MiCA) and the expectations from entities providing cryptos and […]

While our review of firms’ fraud controls and complaint handling found examples of good practice, we were also disappointed with the way some firms supported customers who were the victims of fraud. In the first six months of 2023 over 116,000 people reported falling victim to APP fraud (UK Finance 2023 Half Year Fraud Update), […]