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The Latest Breaking News from ASIC

Watchdog sues ASX Ltd for 'misleading' upgrade claims

Share market operator ASX made misleading statements when it said a platform upgrade was "on track" and "progressing well", the corporate regulator alleges.

AAP

Centrepay report that found major failings ‘ignored’ by successive Coalition governments, author says

Anna Buduls says her 2013 report, which found major failings with controversial debit system, was mostly forgotten about

The Guardian - AU

Corporate watchdog steps in as Wallaroo solar farm controversy grows

As submissions close, ASIC has become involved.

The Canberra Times

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Consumer watchdog urges crackdown on businesses using Centrepay to cause financial harm

It is alleged energy companies deducted money from welfare payments of people, including Indigenous Australians, who were no longer customers

The Guardian - AU

Vanguard faces fine for greenwashing 'ethical' fund

Investment firm could have to pay fines amounting to all, or most, of it's annual profits after misleading consumers by promoting an "ethical" investment fund.

AAP

Huge growth of private capital catches regulator's eye

The Australian stock market has been shrinking thanks to a growing number of private equity buyouts and questions are being asked as to why.

AAP

China food giant sued for Aussie wheat-market meddling

Australia's corporate watchdog has taken a Chinese state-owned food processor to court over accusations it manipulated the market for wheat prices.

AAP

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ANZ is embroiled in allegations it manipulated government bond sales – what exactly does that mean?

ANZ is being investigated by the Australian Securities and Investments Commission (ASIC) amid serious allegations the bank manipulated markets when it facilitated a A$14 billion sale of government bonds in April last year.

The Conversation

Corporate regulator urges crackdown on Centrepay after more than 40% of businesses found to be non-compliant

Asic alarmed at commonwealth finding that almost half of companies investigated failed to follow standards

The Guardian - AU

Pump and dump share scheme 'tried to rig stock prices'

Members of an encrypted chat group tried to artificially inflate share prices before selling the stock in a 'pump and dump' scheme disrupted by the regulator.

AAP

Why is it the media, not our regulators, that uncovers misconduct? Follow the money…

Australia has poor regulators and poor regulation because governments find it in their interests to let it be like that.

Crikey

Amex fined $8m over unsuitable David Jones credit cards

American Express will have to pay an $8 million fine after offering co-branded David Jones credit cards without ensuring they were appropriate for customers.

AAP

Banks lashed for ripping off poorer customers

The market watchdog has slammed four major banks for causing financial distress to more than two million Australians by systematically overcharging on fees.

AAP

Something is deeply wrong with business regulation. Even the Liberals know it

What does it say about Labor when the Liberals are the ones pushing for more regulation of business conduct?

Crikey

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The Conversation

ASIC has comprehensively failed and its role should be split in two, according to long-awaited report

Australia’s corporate watchdog, the Australian Securities and Investments Commission (ASIC), should be broken up and replaced by new and more responsive regulatory agencies, a damning report has found.

AAP

'Deep flaws' in ASIC enforcement prompt calls for split

A bloated remit and chronic under-resourcing at Australia's corporate watchdog have been canvassed in a scathing parliamentary report.

AAP

Lender fined $16m for overcharging vulnerable customers

An overseas-controlled credit provider has been fined $16 million for entering contracts with banned fees and overcharging Australian consumers.

AAP

Lack of technology poses 'existential risk' to ASIC

The boss of the financial services watchdog has revealed a lack of investment in data capability and technology is hampering its ability to tackle crime..

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The Guardian - AU

Four charts that prove the huge financial pressure many Australian households are under

From people spending less to increasing inequality and money worries even among the affluent, data shows widespread pain

AAP

Super fund misled consumers through 'greenwashing'

An Australian super fund engaged in "greenwashing" by falsely telling consumers it did not invest in coal mining, oil tar sands, gambling or Russian companies.

AAP

Shamed Aussies shun financial help for debt struggles

Millions of Australians struggling to make loan or debt repayments feel too embarrassed to ask for financial hardship assistance, new research has found.

The Guardian - AU

How payday lenders target Australia’s most vulnerable – and the ‘whack-a-mole’ fight to crack down on them

Consumer groups say unlicensed lenders make promises of quick and easy cash – but high fees can drag borrowers into unsustainable debt

AAP

Cocaine-fuelled adviser 'disgraceful' in duping clients

A financial adviser who ripped off almost $500,000 from clients was a drug user who spent about $3000 a week on cocaine, a court has heard.

The Canberra Times

Auditor failed to meet ethical standards obligation: watchdog

ASIC also accepted the undertaking from his accounting firm.

AAP

ASIC victory in four-year pursuit of high-fee lenders

Two Gold Coast lenders could face hefty fines after charging over $70 million in fees for less than half that amount in loans issued without a credit licence.

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