Author Archives: ETE

ASIC is taking aim at the broad distribution of over-the-counter (OTC) derivatives and other high-risk retail products after a recent targeted review found significant room for improvement in how they meet their design and distribution obligations (DDO). ASIC Deputy Chair Karen Chester said, ‘ASIC is disappointed that some high-risk retail product issuers have changed little […]

ASIC has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corporation for failing to respond to customers’ hardship notices within the time required by law. ASIC alleges that between 2015 and 2022, a deficiency with Westpac’s online hardship notice process resulted in 229 Westpac customers not receiving a response to their hardship […]

ASIC proposes to remake ASIC Class Order [CO 13/1050] Financial reporting by stapled entities. Under the Legislation Act 2003, legislative instruments cease automatically, or ‘sunset’, after 10 years, unless they are remade before the sunset date. The purpose of sunsetting is to ensure that instruments are kept up to date and only remain in force […]

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is seeking candidates for its two Consultative Working Groups (CWG) of the Risk Standing Committee (RSC). The first CWG will support the Investor Trends and Research Working Group (IRWG) of the RSC and has a focus on consumers, ESG and innovation […]

Following concerns that not all savers are getting good deals, we required 9 firms to provide us with their assessments of what value their savings products offer. This assessment follows the introduction of the Consumer Duty in July 2023, which requires firms to ensure the products and services across their range deliver fair value to […]

Direct Line Group has agreed a voluntary requirement having charged some existing home and motor customers more for their renewal than they would have done if they were a new customer. Direct Line Group will carry out a review to identify all instances where a customer has been overcharged and provide appropriate redress. Customers do […]

ASIC has made an interim stop order on Storehouse Residential Trust (ARSN 135 182 074) (Fund), a registered managed fund promoted by K2 Asset Management Ltd (K2), due to deficiencies in the target market determination (TMD). The interim order stops K2 from issuing interests in, giving a product disclosure statement (PDS) for, or providing financial […]

ASIC has disqualified Athina Bragiannis (also known as Tina Bragiannis) of Preston, VIC, from managing corporations for three and a half years due to her involvement in the failure of three companies. Between 10 February 2012 and 8 February 2018, Ms Bragiannis was the director of three companies which entered liquidation between 4 October 2017 […]

ASIC has disqualified Stefano De Blasi of Stafford Heights, Queensland, from managing corporations for four years, after his involvement in three failed companies. Mr De Blasi was a director of three companies between 2014 and 2020: Casa Gusto Pty Ltd (ACN 141 576 703) (de-registered) (Casa), SMC Drummoyne Pty Ltd (ACN 600 533 140) (SMC), […]

The former sole director of ice vending machine company 24-7 Ice Pty Limited, Gary Leslie Cutcliffe, has appeared at Toronto Local Court charged with five counts of falsification of company books. ASIC alleges that between around 1 May 2017 and 31 May 2017, Mr Cutcliffe engaged in conduct that resulted in the falsification of books […]