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Financial Services AU
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August 31, 2026
Judge Wants Faster, Leaner Commercial Court In Victoria
High Court Justice Michelle Gordon AC has called for fewer interlocutory disputes and faster judgments in Victoria's Commercial Court, arguing courts and practitioners must foster a legal culture in which commercial litigation is not reduced to "a game of procedural attrition."
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August 31, 2026
ASIC Warns Home Insurers On High Rate Of Cash Settlements
ASIC has warned home insurers on the high rate of cash settlement offers, after a review found offers were based on one quote from a preferred supplier, they left people with higher repair costs and often failed to support vulnerable customers.
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August 31, 2026
oOh!media Alters Rival Bid Terms After ASIC Talks
Outdoor advertising business oOh!media has changed the definition of a "superior proposal" under the terms of its nearly $900 million takeover agreement with US private equity firm I Squared following discussions with ASIC, limiting how long certain rival bidders must beat I Squared's offer by at least 3% to qualify.
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August 31, 2026
HSF Kramer-led MUFG To Buy Super Platform GROW
MUFG Pension & Market Services is set to acquire Gro w Technology Services (GROW Inc), an Australian fintech-based superannuation administration platform, for an undisclosed sum, and has appointed HSF Kramer as its legal adviser.
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August 28, 2026
O'Connor Says Key APRA Witness 'Lying' About Alleged Plot
Counsel for First Super co-chair Michael O'Connor argued at the Federal Court in Melbourne on Friday that APRA's case, alleging he schemed to have the fund pay a CFMEU employee for doing union work while ostensibly working at the super fund, was based on the testimony of an unreliable, dishonest witness.
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August 28, 2026
APRA Fails 12 Super Options, Five Closed To New Members
APRA's annual performance test has failed 12 superannuation options across six trustees, including BUSSQ's MySuper product, with five barred from accepting new members after they failed for a second consecutive year.
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August 28, 2026
AUSTRAC Warns Lawyers On AML Enrolment Lapses
AUSTRAC has warned firms providing designated services, including lawyers and accountants, that it has begun issuing notices for failing to enrol under Australia's anti-money laundering and counter-terrorism financing laws, which came into effect last month.
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August 28, 2026
Justice Derrington Wants Aussie 'Bar Exam' To Lift Standards
Federal Court Justice Sarah Derrington has taken aim at the standards of legal education in Australia, urging law schools to introduce a national examination similar to the U.S bar exam for admission to practice and arguing for universities to set a minimum ATAR of 90 for entry to an undergraduate law degree.
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August 28, 2026
Sequoia To Revoke ASIC Debt Deal As It Seeks Interprac Sale
Sequoia Financial Group plans to revoke an agreement with ASIC guaranteeing Interprac's debts as it appoints advisers to sell the business, despite agreeing months earlier not to do so amid regulators' concerns that creditors and clients affected by the Shield and First Guardian fund collapses could be left without recourse.
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August 28, 2026
Fed Court Sends Back 33-Page Claim Full Of 'AI Slop'
The Federal Court of Australia has dismissed a 33-page, 400-paragraph proposed statement of claim composed of "AI slop," but gave the self-represented applicant another chance to plead his case after finding he had used artificial intelligence to generate the document.
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August 27, 2026
APRA Says Evidence, Not 'Smoking Gun,' Sinks O'Connor
APRA conceded at the Federal Court of Australia on Thursday that there was "no smoking gun" in its case alleging First Super co-chair Michael O'Connor had the fund unknowingly pay the salary of a CFMEU worker while he was also a high-ranking official at the union, but said it had enough combined evidence to prove the case.
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August 27, 2026
Judge Agrees To Drop ASIC Class Action On Lack of Funding
A Western Australia Supreme Court judge has approved the dropping of a class action suit alleging ASIC was negligent in its regulation of Sterling Group and its managed investment scheme offering long-term residential leases to seniors, after the lead plaintiff failed to find a litigation funder.
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August 27, 2026
Non-Profit ACCR Drops Santos Greenwashing Appeal
The Australasian Centre for Corporate Responsibility has withdrawn its appeal against a Federal Court of Australia judgment dismissing a landmark greenwashing case the non-profit brought against oil and gas company Santos Ltd over its voluntary climate disclosures in 2021.
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August 27, 2026
Gilbert + Tobin To Guide Ingenia's $992M Peet Buyout
Sydney-based residential community provider Ingenia Communities Group says it will buy land developer Peet Ltd for $992 million and has announced Gilbert + Tobin as its legal adviser for the deal, the company told the ASX on Wednesday.
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August 27, 2026
Fed Gov Rejects Senate Calls To Break Up ASIC
The federal government has rejected a parliamentary committee's recommendation to split the corporate regulator into separate companies and financial services watchdogs, disputing its argument that the regulator's broad remit has made it ineffective.
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August 27, 2026
Macquarie Dumps KPMG In $95M Audit Blow, Returns to PwC
Macquarie Group has scrapped plans to award a new $95 million audit contract to the scandal-hit KPMG, announcing it will retain PwC as its auditor in a move KPMG's Australian CEO John Sams called a "clear reminder that the consequences of our past failings are real."
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August 26, 2026
Ex-Nuix Chair Says Pre-IPO Forecast Was 'Conservative'
Former Nuix Ltd chairman Daniel Phillips argued at trial in the Victorian Supreme Court on Wednesday that the analytics software company had appropriately forecasted its expected revenues ahead of its allegedly misleading 2020 IPO, as shareholders suggested it had failed to properly take financial risks into account.
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August 26, 2026
FSC Sets New Private Credit Standard After ASIC Push
The Financial Services Council has released a new mandatory industry standard for private markets and private credit that requires independent valuation processes and conflict of interest disclosures, following ASIC's call for stronger industry guidelines.
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August 26, 2026
Justice Lee Says Courts Should Use AI, Backs Litigant AI Tool
Federal Court Justice Michael Lee has called for courts to harness AI including the potential introduction of a court-controlled AI tool for self-represented litigants amid the "profound" and "increasingly unmanageable" impact of AI.
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August 26, 2026
ASIC Chairs Backs Reform Of 'Largely Unregulated' Auditors
ASIC Chair Sarah Court has called for the government to close major gaps in the regulation of auditing firms following the KPMG whistleblower scandal.
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August 26, 2026
CBA Settles Colonial Interest Rates Class Action For $249M
Commonwealth Bank says it has reached a $249 million settlement in a class action against Colonial First State and Avanteos Investments that alleged they invested members' retirement savings with their then-parent CBA despite better interest rates being available elsewhere.
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August 25, 2026
Chalmers Weighs 'Tell Us Once' Fix For Co. Reporting Burden
The Productivity Commission is reviewing the growing burden of non-financial reporting requirements on Australian businesses, including whether overlapping obligations across regulators like ASIC, APRA and laws can be streamlined through a "Tell Us Once" model, Treasurer Jim Chalmers announced in a statement on Monday.
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August 25, 2026
Fed Court Raps eHarmony For 'Subscription Trap' Breaches
Online dating site eHarmony has been found in breach of consumer law by the Federal Court of Australia for misleading customers over subscription-based membership prices and terms on its website and app after hundreds of complaints about charges and automatic renewals at higher prices.
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August 25, 2026
SkyCity Rejects Two Takeover Bids On 'Problematic' Terms
New Zealand-based casino operator SkyCity said it has rejected two unsolicited takeover bids, including a $602 million offer from US investment firm Oaktree Capital, citing low value and "problematic" conditions.
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August 25, 2026
ART, Fair Work Commission Tighten GenAI Disclosure Rules
The Administrative Review Tribunal published new rules governing AI use by lawyers acting in its proceedings on Monday, the same day the Fair Work Commission released similar guidelines citing a 70% increase in workload primarily due to potential litigants now using artificial intelligence tools.
Ex-RAMS Franchisees Told To Rein In Sprawling Class Action
A Federal Court judge in Sydney on Monday urged former franchisees of RAMS Home Loans to simplify their class action accusing RAMS of improperly terminating their franchise deals, saying trial risked becoming "unnecessarily unwieldy."
Judge Backs AI To Sift Data In McDonald's Wage Class Action
A Federal Court judge has suggested that parties in a class action accusing McDonald's Australia Ltd and franchisees of underpaying managers consider using artificial intelligence to trawl through related employee data, saying AI was "likely to provide a satisfactory solution" more efficiently and cheaply than traditional ways of processing data.
Funder Gets $8.3M, Class $5.1M In CommInsure Settlement
The Federal Court has approved a $22.5 million settlement in a class action against three Commonwealth Bank of Australia-linked entities and AIA Australia that alleged advisers steered clients into overpriced insurance, with group members receiving less than a quarter of the total after the judge found their case would likely fail at trial.
Ex-RAMS Franchisees Told To Rein In Sprawling Class Action
A Federal Court judge in Sydney on Monday urged former franchisees of RAMS Home Loans to simplify their class action accusing RAMS of improperly terminating their franchise deals, saying trial risked becoming "unnecessarily unwieldy."
Judge Backs AI To Sift Data In McDonald's Wage Class Action
A Federal Court judge has suggested that parties in a class action accusing McDonald's Australia Ltd and franchisees of underpaying managers consider using artificial intelligence to trawl through related employee data, saying AI was "likely to provide a satisfactory solution" more efficiently and cheaply than traditional ways of processing data.
Funder Gets $8.3M, Class $5.1M In CommInsure Settlement
The Federal Court has approved a $22.5 million settlement in a class action against three Commonwealth Bank of Australia-linked entities and AIA Australia that alleged advisers steered clients into overpriced insurance, with group members receiving less than a quarter of the total after the judge found their case would likely fail at trial.
Editor's Picks
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Omni Bridgeway Funder Appeals $475M Robodebt Deal
Litigation funder Omni Bridgeway has filed an appeal in the Federal Court of Australia over the $475 million robodebt settlement agreed with the Commonwealth in June, the largest class action payout of its time, which included a commission that was only half what the funder sought.
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ASIC Chair Says Bathla Collapse 'First Crack' In Private Credit
ASIC Chair Sarah Court says the collapse of residential property developer Bathla, which was put into voluntary administration on Tuesday, represents the "first significant crack" in the private credit industry in Australia.
Expert Analysis
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Gov't Reforms Should Ease Decisions On Foreign Investment
The government’s recently announced reforms to strengthen its Foreign Investment Review Board framework represent a genuine shift in the regime, streamlining the process for low-risk investments, while equipping the regulator with stronger tools to address those that are medium- and high-risk, says Jeremy Low at Allens.
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Star Ruling Highlights Corporate Governance Hazards
In the Australian Securities and Investments Commission's case against former Star Entertainment CEO Matt Bekier, the Federal Court held several executives liable for money laundering violations, demonstrating what happens when governance systems that appear adequate on paper fail to deliver critical information to decision-makers, say lawyers at Piper Alderman.
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How Australia's AML Reforms Widen Compliance Duty Remit
The most significant reform to Australia's anti-money laundering regime in two decades recently came into force, which not only fundamentally alters the compliance landscape for financial services providers, but also brings lawyers within the regulatory perimeter for the first time, say lawyers at Clifford Chance.
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How Cos. Can Rework AML Controls After AUSTRAC Warning
The Australian Transaction Reports and Analysis Centre's recent risk snapshots on money laundering, financing of terrorism and proliferation risks underscore that with the convergence of artificial intelligence and real-time payment systems, Australia’s financial crime threats are becoming harder to detect through traditional means, say lawyers at Herbert Smith.
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Greenwashing Scrutiny Grows As Regulators Expand Focus
The Australian Securities and Investments Commission and Australian Competition and Consumer Commission continue to penalize investment companies and superannuation trustees for misleading environmental claims, signalling that greenwashing enforcement is an intensifying feature of Australia's corporate accountability framework, say lawyers at Ashurst Perkins Coie.
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Practice Leader Insights From Phi Finney's Joel Phibbs
Joel Phibbs, Phi Finney's anti-money laundering and counter-terrorist financing practice lead, discusses the approach of banks when dealing with compliance, the challenges of delays in getting cases to trial, and why financial bodies' regulatory burden and the desire to lower costs using artificial intelligence seem like a recipe for major problems in the future.
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APRA's Warning Letter Means Directors Must Grasp AI Risks
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A recent letter from the Australian Prudential Regulation Authority outlines industry expectations for managing artificial intelligence-related risk, reminding boards and directors to work closely with their technology officers to ensure compliance with the regulator’s recommendations, says Claire Mallon at HWLE.
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Practice Leader Insights From HSF Kramer's Andrew Bradley
Andrew Bradley, leader of HSF Kramer's financial services regulatory practice in Australia, discusses managing mental health while working on a complex matter, the glaring need for further reform in the financial advice sector, and why this practice area may be the most dynamic and intellectually stimulating.
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Blue Star Shows Why Liquidators Need Approval Rule Reform
The recent Queensland Supreme Court decision in Blue Star Care v. Rimcroft highlights the uncertainty surrounding Section 477(2B) of the Corporations Act court approvals regime, meaning that until outright reform is implemented liquidators must make unsatisfactory choices between what is safe and what is in creditors’ best interests, says Robert True at Quinn Emanuel.
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What ACCC Data Reveals About Finance Deals
Recent Australian Competition and Consumer Commission data confirm that clearances under the new mandatory merger control regime are moving faster than anticipated and that the system’s waiver process works particularly well for low-risk transactions, making it a natural fit for the financial services sector, say lawyers at Squire Patton.
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Australian Payments Reg. Proposals Will Broaden Oversight
The Australian government’s recent payments regulation proposals for a more activity-based licensing framework will significantly expand the perimeter of entities, indicating that the regulators view payment systems, digital assets and tokenized financial infrastructure as part of a connected regulatory ecosystem, say lawyers at Corrs.
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Australia's Computer Patent Ruling Will Aid Global Companies
While courts around the world have struggled to articulate a technology-neutral test for patentability of computer-implemented inventions, a recent decision by Australia's top court offers a decisive answer, creating strategic opportunities for overseas applicants, say attorneys at Mallesons.
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Assessing The Significance Of Australia-EU's Free Trade Deal
The recently concluded Australia-European Union free trade agreement could be a springboard for a more ambitious initiative bringing together the EU and the economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a critical mass capable of shaping norms across subsidies, sustainability disciplines and competition policy, says Alan Yanovich at Akin Gump.