Author Archives: ETE

The Federal Court has ordered National Australia Bank Ltd (NAB) pay a $2.1 million penalty for unconscionable conduct by continuing to charge periodic payment fees even though NAB knew it was wrongfully overcharging customers. ASIC Deputy Chair Sarah Court said, ‘NAB continued to charge fees when it knew it lacked any entitlement to do so […]

ASIC today has released its annual licensing report today. Report 772 Licensing and professional registration activities: 2023 update (REP 772) outlines ASIC’s licensing and professional registration activities, discusses new and proposed changes to processes, and notes other ASIC work that affects licensees. ASIC’s Chief Executive Officer, Warren Day said, ‘Our report highlights the important gatekeeping […]

ASIC has commenced civil penalty proceedings in the Federal Court against Bit Trade Pty Ltd, provider of the Kraken crypto exchange to Australian customers. ASIC alleges that Bit Trade failed to comply with the design and distribution obligations for the margin trading product it offers Australian customers on the Kraken exchange. ASIC’s case focuses on […]

The FCA has published the findings of its initial data exercise on bank account access and closures. The information supplied by banks, building societies and payment companies suggests that no firm closed an account between July 2022 and June 2023 primarily because of a customer’s political views. The Payment Accounts Regulations ban banks or building […]

Market participant Interactive Brokers Australia Pty Ltd (ACN 166 929 568) (Interactive Brokers) has paid a penalty of $832,500 to comply with an infringement notice from the Market Disciplinary Panel (MDP). The outcome follows the MDP finding that Interactive Brokers was ‘negligent’ in its failure to identify suspicious trading conducted by one of its clients. […]

ASIC is extending the date by which relevant providers – financial advisers who provide personal advice to retail clients on relevant financial products (including time share advisers) – must be registered. Relevant providers will now need to be registered by 1 February 2024. The reason for the further extension is that the Treasury Laws Amendment […]

The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today issued their Autumn 2023 Joint Committee Report on risks and vulnerabilities in the EU financial system. The Report underlines the continued high economic uncertainty. The ESAs warn national supervisors of the financial stability risks stemming from the heightened uncertainty, and call for vigilance […]

ASIC has released exam results from the 22nd Financial Advisers Exam cycle, held in August 2023. The exam has been continuously conducted by the Australian Council for Educational Research (ACER) since its inception and follows a rigorous process to ensure all candidates in all cycles are held to the same standard. In this exam cycle: […]

In a review of later life mortgage firms, the Financial Conduct Authority has worked with the largest firms to improve their advice processes and prompted the removal or amendment of almost 400 misleading promotions. A later life mortgage is the most popular type of equity release catered to homeowners who want to release money tied […]

ASIC has released Consultation Paper 372 Guidance on insolvent trading safe harbour provisions: Update to RG 217 seeking feedback on our proposed updates to Regulatory Guide 217 Duty to prevent insolvent trading: Guide for directors (RG 217). CP 372 is seeking feedback on ASIC’s proposed approach to: updating existing guidance to include information about when […]