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Financial Services AU
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August 06, 2026
NSW AG Rejects Misconduct Findings Against DPP Chief
The NSW Attorney General has rejected a state committee's findings of misconduct against the NSW Director of Public Prosecutions Sally Dowling after advice from a senior counsel and two barristers found a lack of "evidentiary basis."
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August 06, 2026
Court Says AFCA Late-Complaint Ruling Isn't Reviewable
A Federal Court judge has tossed a former IG Markets client's challenge to AFCA's refusal to consider his late complaint over alleged derivatives losses, saying the dispute falls within the broad bar on judicial review of AFCA decisions.
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August 06, 2026
QB4 Loses Bid To Appeal Costs Orders In Guardian Dispute
The Federal Court of Australia has dismissed asset manager QB4 Capital's bid to appeal costs orders in a dispute over about $520,000 in legal and audit fees, clearing the way for $8.5 million to finally be distributed to investors in Guardian Securities.
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August 05, 2026
Arrium Directors Say Claim They Ignored Troubles 'Nonsense'
Directors of collapsed steelmaker and miner Arrium Ltd hit back on Wednesday at shareholder allegations they wrongly ignored negative industry data that should have underpinned their financial modelling, telling a Victorian Supreme Court judge that the company's disputed financial reports were reasonable and well-supported by available information.
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August 05, 2026
Federal Court Axes Class QBE COVID Appeal On Limited Use
The Full Court of the Federal Court of Australia has tossed out a class action appeal against QBE Insurance and underwriter Lloyds over COVID-19 business losses for reasons of practical utility, ordering applicants to pursue claims independently or not at all.
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August 05, 2026
Brambles Loses Bid To Pause Costs Order In Class Action
Brambles will have to pay an estimated $12 million in costs after a Federal Court judge dismissed a bid to pause a lump-sum assessment of costs owed to shareholders, despite the logistics giant appealing the landmark class action, in a judgment published on Monday.
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August 05, 2026
Insurance Groups Urge End to NSW Emergency Services Levy
Insurance groups have urged the New South Wales government to abolish the emergency services levy in favour of a property-based one before next year's state election, arguing the tax on insurance raises premiums and leads to greater uninsurance.
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August 05, 2026
'Alarm Bells' Rang Before PAC Merger, Court Told
The former directors of Pacific Current Group Ltd (PAC) approved the $193 million merger with fellow asset management firm Northern Lights Capital Partners LLC despite "alarm bells" ringing among the board over asset valuations of the U.S.-based firm, counsel for PAC told the Full Court of the Federal Court of Australia in Melbourne on Tuesday.
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August 05, 2026
Aware Super, Prime Super Weigh Merger For $254B Fund
Aware Super and Prime Super may merge to create a superannuation fund with around $254 billion in funds under management and more than 1.4 million members, the companies said on Wednesday.
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August 04, 2026
Justice Thomas Bradley Named Queensland's Next Governor
Justice Thomas Bradley will be the next Queensland Governor, state Premier David Crisafulli announced on Tuesday.
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August 04, 2026
Justice Gordon Urges Fairer Briefing Of Women Barristers
High Court Justice Michelle Gordon said the legal profession could "do better" on women's equality, outlining practical steps to encourage equitable briefing at the bar in a wide-ranging speech in Melbourne last month.
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August 04, 2026
Arrium Class Say KPMG Failed On 'Professional Skepticism'
KPMG auditors failed to properly look into contradictory information and unrealistic projections from Arrium Ltd before signing off on audits of the steelmaking and mining company ahead of its 2016 collapse, shareholders of the company argued at the Victorian Supreme Court on Tuesday.
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August 04, 2026
Berndale Director Jailed For Siphoning Funds, Lying To ASIC
A former director of a Melbourne derivatives and forex trading broker which collapsed owing $5.2 million in unpaid debts has been jailed for nearly two years by the Federal Court of Australia over misappropriating company funds and falsifying financial statements to deceive ASIC.
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August 04, 2026
Ashurst Adds Ex-Clayton Utz Litigator As Melbourne Partner
Ashurst Perkins Coie has added former Clayton Utz partner JK Muckersie, who represented ASIC in its recent case against HSBC Australia, as a partner in its complex litigation practice in Melbourne.
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August 04, 2026
ASIC Considers Looser Pre-IPO Advertising Rules
ASIC is considering allowing less restrictive advertising of upcoming IPOs to better align with global markets, the regulator said in a consultation paper on Tuesday.
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August 04, 2026
AFCA Complaints Hit Record High Amid Fund Collapses
AFCA received a record 119,949 complaints in the last year, with superannuation, investment and advice complaint numbers surging due to the collapses of the Shield and First Guardian super funds.
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August 03, 2026
Directors Hid Arrium's Decline Before Collapse, Says Class
Directors of collapsed steelmaker and miner Arrium Ltd wrongly approved "overly optimistic" revenue models underpinning the company's financial reports, ignoring predictions of a sustained fall in iron ore prices and an inability to turn a profit from an aging steel plant, shareholders of the company told a Victorian Supreme Court judge on Monday.
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August 03, 2026
Nuix Results 'Horrible' Prior To IPO, Class Action Case Hears
The Supreme Court of Victoria has heard software company Nuix knew results were "horrible" in the lead up to its 2020 IPO, in the first day of a class action trial brought by shareholders alleging misconduct in the float after the share price fell on the back of downgraded revenue estimates.
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August 03, 2026
ASIC Eyes Keystone's Chiodo Again With Restraining Order
ASIC is chasing former Keystone director Paul Chiodo for a second time seeking Federal Court orders restraining him from promoting or accepting money in Australia for any financial products, while a case alleging unauthorized fund transfers from the collapsed Shield pension fund continues.
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August 03, 2026
Westpac Completes $15.4B RAMS Loans Sale After ASIC Fine
Westpac has completed the sale of its subsidiary RAMS' $15.4 billion home loan portfolio to a consortium including Pepper Money, KKR and PIMCO, the bank said on Monday, months after the Federal Court fined RAMS $20 million for widespread home loan compliance failures.
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August 03, 2026
Court Clears Unwind Of Brite Frozen Funds in 'Rough Justice'
A Federal Court judge has authorised the receivers of investment manager and pension fund provider Brite Advisors to unwind its client trust assets, pool together the assets and divide them amongst the bulk of the 2,000 beneficiaries according to entitlement and without interest, citing a "rough justice" approach given the complexity of the case.
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August 03, 2026
Justice Pike To Lead NSW Supreme Court Class Actions List
The NSW Supreme Court will place management of all class actions under Justice Ian Pike as part of a broader reshuffle of specialist judicial lists that will take effect from Sept. 7, Chief Justice Andrew Bell AC said in a statement released on Friday.
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August 03, 2026
TMX Seals Cboe Australia Deal, Rebrands to TMX Australia
Canadian stock exchange operator TMX Group Limited said it has completed its acquisition of Cboe Australia on Monday and has rebranded Australia's second-largest stock exchange to TMX Australia Exchange, effective from Aug. 1.
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July 31, 2026
First Guardian Founder Calls Travel Ban, Freeze 'Punitive'
A Federal Court judge said on Friday he would lift travel restrictions on Simon Selimaj, founder of the operator of the collapsed First Guardian Master Fund, after Selimaj argued the restriction and a related asset freeze were a "sword of punitive punishment."
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July 31, 2026
HSBC Australia Sells Loans to Blackstone, Closes Retail Bank
Blackstone Inc. announced Thursday that it will acquire HSBC Bank Australia Ltd.'s $36 billion home and personal loan portfolio, as HSBC plans to focus on its corporate and institutional banking presence in Australia and New Zealand and wind down its retail banking business.