Author Archives: ETE

The FCA is on track to publish its wholesale data market study report by 1 March 2024. In an update report on progress so far published today, we have proposed, at this stage, not to refer any of the three markets, covered by the market study, to the Competition and Markets Authority (CMA). We are […]

ASIC has commenced civil penalty proceedings in the Federal Court against five former directors and officers of the Youpla Group (formerly Aboriginal Community Benefit Fund) for breaches of their duties. The Youpla Group operated several funds providing funeral insurance, mostly marketed to indigenous Australians. ASIC Deputy Chair Sarah Court said, ‘ASIC’s case seeks to hold […]

ASIC has today released an open letter to lenders—which has been sent directly to 30 large lenders—calling on them to make sure they appropriately support customers experiencing financial hardship. ASIC is seeing evidence that an increasing number of customers are experiencing financial distress and difficulty due to cost-of-living pressures. In this context, it is critically […]

Today, ASIC and the RBA (the Regulators) issued a joint letter outlining regulatory expectations of ASX Clear Pty Limited (ASX Clear) and ASX Settlement Pty Limited (ASX Settlement) when engaging with the newly established ASX Cash Equities Clearing and Settlement Advisory Group (Advisory Group). The Advisory Group, with Independent Chair Alan Cameron AO, was established […]

ASIC will take further enforcement action to protect Australian consumers and small businesses in an environment where scams, digitally-enabled misconduct and predatory lending practices are increasingly prevalent. Releasing ASIC’s latest Corporate Plan, ASIC Chair Joe Longo said the plan follows a year of progress against the organisation’s strategic priorities and strong enforcement outcomes in 2022-23. […]

ASIC has suspended the Australian financial services (AFS) licence of Navigate Global Payments Pty Ltd (Navigate) until 18 October 2023, after it was placed into voluntary administration on 30 June 2023. On 30 June 2023, Nick Combis of Vincents Chartered Accountants was appointed as voluntary administrator of Navigate. On the same day, David Hardy, Sarah […]

On 5 July 2023, ASIC commenced urgent proceedings in the Federal Court against David Valvo, former Sydney financial adviser, and related company, Your Financial Freedom Pty Ltd. On the same day, the Court made orders freezing the assets of Mr Valvo and Your Financial Freedom Pty Ltd (ACN 083 0044 580), restrained Mr Valvo from […]

The Federal Court has dismissed ASIC’s case against Mr Jason Bettles, a registered liquidator and Partner at Worrells Solvency and Accounting. Mr Bettles was the liquidator of the Members Alliance Group of companies from 22 July 2016 until his resignation on 13 July 2017. In November 2019, ASIC, as part of the Serious Financial Crime […]

ASIC has commenced civil penalty proceedings in the Federal Court against Paul Ryan, director of Dixon Advisory & Superannuation Services Pty Limited, for alleged breaches of directors’ duties. ASIC alleges Mr Ryan breached his duties as a director by his involvement in decisions ASIC alleges were to the advantage of Dixon Advisory’s holding company, E&P […]

The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) unanimously decided that the appeal brought by Euroins Insurance Group AD (“Euroins”) against the European Insurance and Occupational Pensions Authority (EIOPA) is inadmissible. The appeal was brought in relation to an EIOPA Report assessing the valuation of Euroins’ technical provisions. Euroins requested […]