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Ten individuals have been cold-shouldered after a ruling from the Hearings Committee of the Takeover Panel. On 30 July 2024, the Takeover Panel’s Panel Executive published Statement 2024/17(PDF)Link is external. This summarised the outcome of proceedings before the Hearings Committee of the Takeover Panel and the Takeover Appeal Board in relation to MWB Group Holdings …

Statement on cold-shoulderings in the matter of MWB Group Holdings plc Read More »

We’re proposing to extend the current pause to the time firms have to respond to consumers about motor finance complaints involving a discretionary commission arrangement (DCA). We now intend to set out next steps in our review into the past use of DCAs in May 2025. By then, we expect to have analysed the data …

Update on motor finance work Read More »

The Queensland Court of Appeal has dismissed an appeal by Dr Roger Munro against his conviction on three counts of fraud. In May 2022, Dr Munro was sentenced to four and a half years jail with a non-parole period of 15 months, after pleading guilty to the fraud charges (22-102MR). He was released in August …

Dr Roger Munro unsuccessful in criminal appeal Read More »

Mark Stevens of Kurraba Point, NSW, today appeared at the Downing Center Local Court charged with dishonestly causing a financial disadvantage by deception contrary to section 192E(1)(b) of the Crimes Act 1900 (NSW). Following an ASIC investigation, it is alleged that between 3 June 2016 and 10 June 2016, Mr Stevens dishonestly caused $110,000 payable …

NSW director charged with dishonestly causing a financial disadvantage to his company Read More »

Stephen Robert Allen, the sole director of K.H.N Holdings Pty Ltd trading as Alkemade & Associates, was sentenced to serve a Community Correction Order of 70 hours over 12 months and fined $20,000 for making false statements to induce others, by the Melbourne County Court on 29 July 2024. Mr Allen was also convicted and …

Melbourne accountant Stephen Allen convicted for falsifying signatures on audit documents Read More »

ASIC is seeking feedback on our proposal to extend the relief currently provided to employee redundancy funds from the AFS licensing and managed investment provisions of the Corporations Act. The relief is due to expire on 1 October 2024. The proposal involves remaking ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150 and extending the relief …

ASIC proposes to extend relief for employee redundancy funds Read More »

Lenders can do more to help consumers build better credit card habits, an ASIC report reveals. Credit card lending in Australia: Staying in control (REP 788), looked at around 20 million credit card accounts across 13 lenders over six years. ASIC Commissioner Kate O’Rourke said, “While many Australians have changed how they use credit cards, …

ASIC report finds credit card debt still a pain for many Australians Read More »

ASIC has released a consultation paper on proposed rules to facilitate competitive outcomes in cash equity clearing and settlement (CS) services provided by the ASX Group. It is the first time ASIC is exercising its new powers under the competition in clearing and settlement (CS) reforms. The consultation seeks feedback on our proposals to: implement …

ASIC consults on rules to promote competitive outcomes in cash equity clearing and settlement services Read More »