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Financial Services AU
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June 04, 2026
ASIC Bans NSW Director For 'Complete Disregard' Of Duties
ASIC said on Thursday it has disqualified Genna Raber from managing companies for five years, his second ban, over his complete disregard for his director responsibilities while involved in three failed construction and finishing companies contracted to build Russian embassies in Australia.
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June 03, 2026
Brambles Can't Trim $20M Costs In Investor Class Action
Brambles is on the hook for around $20 million in costs after losing a landmark shareholder class action over misrepresenting its expected earnings, with a Federal Court judge on Wednesday rejecting its bid for a 50% cost reduction, saying the shareholders had not unnecessarily pursued weak claims.
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June 03, 2026
ACCC's First Complex Deal Clears With Ampol, EG Takeover
The ACCC's new merger regime has cleared its first complex deal with the approval of energy and convenience store network-owner Ampol Limited's acquisition of smaller service station competitor EG Australia in a deal worth $1.1 billion, though it must offload 41 sites to a rival, the regulator announced on Wednesday.
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June 03, 2026
Mercer Super Agrees To Pay $10.3M For Reporting Failures
Mercer Superannuation has agreed to a $10.3 million penalty over allegations it failed to inform ASIC about investigations into several issues, including its handling of refunds following the death of members, the regulator told a Federal Court judge on Wednesday.
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June 02, 2026
Big Un Ex-CFO Insider Trading Case Dropped By Prosecutors
Federal prosecutors have dropped insider trading charges against the former CFO of tech company Big Un after a jury in March failed to reach a verdict on allegations he used companies in his control to sell $5 million worth of the ASX-listed stock before it collapsed, ASIC said.
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June 02, 2026
Law Society Says $200M Needed For 'Deteriorating' SA Courts
The Law Society of South Australia has urged the state government to invest $200 million to help address the "sorry state" of court buildings, saying years of minimal spending on upkeep is harming vulnerable court users and has delayed justice.
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June 01, 2026
Star Fined $10M On 'Systemic' Financial Crime Failures
Star Entertainment must pay $10 million in fines over failures to check if customers were linked to criminal activity including money laundering and terrorism financing, and allowing customers to gamble for over 12-hours in a 24-hour time frame, the casino regulator ruled on Monday, adding pressure on the beleaguered operator.
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June 01, 2026
New Federal Circuit AI Rules Stress Strong Human Oversight
The Federal Circuit and Family Court has released instructions for the use of artificial intelligence in court proceedings, saying lawyers must make sure related information is accurate and that AI protects the privacy and safety of parties involved in litigation.
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June 01, 2026
ANZ Appeals NZ Ruling Awarding $125M To Mortgage Holders
ANZ said it is appealing the High Court of New Zealand's judgment handing NZ$125 million to mortgage holders in a class action over loan disclosures.
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June 01, 2026
IAG Settles In $4B Greensill Collapse Case In Federal Court
Insurance Australia Group Limited has reached a confidential settlement with the administrator for collapsed Greensill Capital, settling claims in the Federal Court of Australia over roughly $4 billion plus interest in policies, the insurer announced Friday.
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May 29, 2026
Dexus Must Sell $4B Airport Stake After 'Reckless' Breaches
Real estate investment giant Dexus must sell its roughly $4 billion stake in Melbourne and Launceston airports after a NSW Supreme Court judge ruled Friday that it had acted in "reckless disregard" in breaching its shareholder deed by revealing confidential financial information and "dishonestly" covered it up.
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May 29, 2026
ASIC's Longo Says Regulatory Burden 'Too High'
ASIC chair Joe Longo has called for reforms to corporate law to reduce compliance burdens, in a final speech to Parliament on Friday, after five years overseeing a more aggressive corporate regulator that doubled investigations and secured record penalties including a $250 million ANZ fine for widespread misconduct and risk failures.
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May 28, 2026
Mayfair 101 Seeks To Undo $30M ASIC Penalties Case
A group of companies led by prominent failed businessman James Mawhinney has asked the Federal Court to set aside $30 million in penalties for misleading investors about risky investment products, arguing their original 2021 trial was unfair.
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May 28, 2026
Full Federal Court Rules Worley Misled Market
The Full Federal Court on Thursday ruled on appeal that global engineering firm Worley Limited misled investors in its 2013 earnings guidance, handing shareholders a major victory in a long-running class action and bolstering market-based causation in securities litigation.
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May 28, 2026
Judge Questions ASIC 'Irrationality' On Star $1.3M Penalty Ask
Federal Court Justice Michael Lee pressed ASIC on Thursday to justify its proposed hefty penalties for anti-money laundering compliance breaches by two former Star Entertainment executives, saying disparities with other fines issued pre-trial made the regulator's proposals look irrational.
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May 28, 2026
Banks Face Stiffer Scam Obligations Under Draft Rules
Australian banks would need to take reasonable steps to prevent, detect and disrupt scams, and report and respond to them, under new draft rules released by the Albanese Government on Thursday, as well as issue automatic repayments of claims under $3,000.
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May 27, 2026
Small, Medium, Really Big: APRA's New Bank Rule Tiers
The Australian Prudential Regulation Authority on Wednesday eased compliance burdens for small and medium banks by lifting its threshold for designating "significant" financial institutions by $10 billion.
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May 27, 2026
Westpac Must Pay $26M After Mishandling Hardship Claims
Westpac must pay $26 million in civil penalties after the Federal Court in Melbourne ruled on Tuesday it had failed to respond to more than 200 of its more vulnerable customers' financial hardship requests, which Judge Timothy McEvoy described as "grossly negligent."
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May 27, 2026
NSW Chief Judge Says Don't Assume Safe Harbour Covers AI
New South Wales Chief Justice Andrew Bell warned in a recent speech that company directors will not be protected from liability if they rely on artificial intelligence without prudent oversight given the technology's well-known risks of "sycophantic agreement," bias and hallucination.
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May 26, 2026
Judge Refuses To Disqualify ERA Legal In $67M Loan Dispute
ERA Legal can stay on as solicitors for lenders in a lawsuit over a $66.7 million loan, after a Federal Court judge in Perth ruled that even though the firm's fees tied to the loan itself are part of the litigation, it does not mean the Sydney commercial law firm is conflicted and must be disqualified.
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May 26, 2026
Don't License Super Switching, Ban It, Pension Funds Say
Opposition to businesses who encourage superannuation switching is building within the retirement fund industry with the Super Members Council and CBUS backing an outright ban as Treasury considers changes following the billion-dollar collapse of First Guardian and Shield Master funds.
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May 26, 2026
Credit Suisse Can't Claim Euro Shield For Greensill Docs
Credit Suisse must cough up unredacted documents in a $2.2 billion dispute with insurers over the collapse of Greensill Capital, after a Federal Court judge in Sydney ruled on May 18 that the need for a fair trial trumps the risk of violating European privacy laws.
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May 26, 2026
ASIC Warns Gen Z Is New Target Of Crypto Scams
ASIC warned Monday that scammers using WhatsApp groups for share trading and stock tips are pushing fake cryptocurrency investment platforms on Generation Z investors who are more at risk due to their "widespread exposure" to crypto advertising on social media.
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May 26, 2026
Veteran Lawyer Woodburn Joins AFCA As New Superannuation Chief
Veteran superannuation lawyer and former Allens consultant Paul Woodburn has joined the financial industry ombudsman as its new superannuation chief, AFCA announced Monday.
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May 26, 2026
Albanese $833.3B Budget Takes Aim At Capital Gains
The Albanese Government unveiled its 2026-27 Budget on May 12, billing the $833.3 billion spending plan as providing "resilience and reform" through new measures, including controversial cuts to capital gains concessions and increased spending on energy, infrastructure, and housing.