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The Latest Breaking News from ASIC

Thousands complain over way super funds handle and pay out death and disability claims

Data from the financial watchdog strongly supports Asic’s claim ‘there is a systemic issue’ across the superannuation sector, advocate says

The Guardian - AU

NAB sued for failing customers in financial hardship

Customers facing issues such as domestic violence and serious medical conditions were let down by NAB in their requests for support, a lawsuit alleges.

AAP

ASIC’s lawsuit against Cbus has put the big super funds on notice

Does your superannuation fund also provide you with insurance? Many of us are automatically enrolled without even realising. Now, the way super funds handle such claims has been thrust into the spotlight.

The Conversation

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Australia’s $3.9tn superannuation sector is under scrutiny. What sparked the Cbus scandal and what does it mean?

Asic has lodged federal court proceedings against Cbus after allegations the super fund failed its members ‘at their most vulnerable time’

The Guardian - AU

Boss 'sorry' as super fund resolves thousands of claims

Super fund Cbus has resolved thousands of disability and death claims subject to legal action by the financial regulator, a parliamentary inquiry has been told.

AAP

Super fund in strife over $20m in delayed payments

Superannuation fund Cbus has been accused of failing to process $20 million worth of death and disability claims in a timely manner.

AAP

Man charged with murder after woman’s body found in Penrith hotel – as it happened

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The Guardian - AU

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Corporate cop wants finer silk to take on big business

Commonwealth caps on how much the financial market regulator can pay lawyers are giving major corporations an advantage in court.

AAP

The ‘big 4’ accounting firms often consult for the same clients they audit. Should that be allowed?

Public trust in the auditing profession is under intense pressure. A series of high-profile scandals, both in Australia and overseas, has severely damaged its reputation.

The Conversation

Insurer misled with claim on pre-existing conditions

Health insurer HCF wrongly claimed it could deny coverage to someone with a pre-existing condition, even if they had not been diagnosed when signing up.

AAP

One ASIC more than enough, says corporate cop chief

Splitting the Australian Securities and Investments Commission doesn't have the backing of the chairman who says a funding boost is needed to catch more crooks.

AAP

Regulator sues QBE over broken discounting promise

The Australian Securities and Investments Commission has launched civil proceedings against QBE over its discounting claims from 2017 to 2022.

AAP

Harvey Norman misled customers with 'interest-free' ads

Retail giant Harvey Norman misled consumers with a widespread ad campaign offering interest-free and no-deposit purchase options, the Federal Court has ruled.

AAP

Could a recent ruling change the game for scam victims? Here’s why the banks will be watching closely

In Australia, it’s scam victims who foot the bill for the overwhelming majority of the money lost to scams each year.

The Conversation

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The Conversation

How did public service leaders talk to staff about Robodebt? What they said – or didn’t – is revealing

In July 2023, after the release of the damning Robodebt Royal Commission report, Prime Minister Anthony Albanese declared:

The Conversation

Do recent class actions against ‘flex commission’ car loans mean consumer voices are getting stronger?

It’s been more than five years since the banking royal commission, but its findings continue to have an impact on the financial services sector.

The Canberra Times

At least $4 million owed after well-known builders go under

One had previous connections with 3 Property Group.

AAP

Vanguard hit with record fine over $1b 'ethical' fund

Vanguard has been hit with the largest fine imposed in Australia for greenwashing, as a court ordered it to pay $12.9 million for financial misconduct.

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Newcastle Herald

Liquidator appointed as Fone Works ordered to wind up shop

Newcastle customers were offered specials four days before the order.

AAP

ASIC lawsuit a warning shot to car dealerships

ASIC has said a case against a Sydney car dealership over excessive loans should be a warning to others in the industry that they too will be under scrutiny.

The Conversation

Woolworths and Coles sued by ACCC for allegedly misleading shoppers over the price of more than 500 products

At a time most people are trying to cut their weekly grocery bills, Australia’s supermarket giants have been hit with legal action for allegedly misleading shoppers over the price of hundreds of products.

The Guardian - AU

The Australian tenants who are charged to pay their rent

An increasing number of real estate agents are moving tenants’ payments on to so-called ‘rent-tech’ platforms. Renters say they have little power to say no

Crikey

AI worse than humans in every way at summarising information, government trial finds

A test of AI for Australia’s corporate regulator found that the technology might actually make more work for people, not less.

AAP

Crying poor claim as insurers accused of price gouging

A crackdown on how insurers respond to climate change has been declared by the corporate watchdog, as a union accuses some of the biggest firms of crying poor.

The Guardian - AU

Labor suspends government work being done by firm accused of fabricating Indigenous data

Finance department suspends McNair yellowSquares from contracts until whistleblower claims are investigated

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