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ASIC has permanently banned Sydney-based director David Henty Sutton from providing any financial services, performing any function involved in the carrying on of a financial services business and controlling an entity that carries on a financial services business. ASIC has also cancelled the Australian financial services licence of Mr Sutton’s company, McFaddens Securities Pty Ltd …

ASIC permanently bans David Sutton and cancels McFaddens Securities’ licence Read More »

The National Anti-Scam Centre will coordinate an investment scam fusion cell to combat the growing problem of investment scams, which are costing Australians more than $1 billion a year. The fusion cell will be led by the ACCC and ASIC and include representatives from the banks, telecommunications industry and digital platforms. It will be the …

National Anti-Scam Centre’s first fusion cell to disrupt investment scams Read More »

The FCA has moved quickly to make changes to its rulebook to support key commitments made by lenders at last week’s mortgage summit held by the Chancellor. Lenders will be able to offer borrowers: a switch to interest-only payments for 6 months an extension to their mortgage term to reduce their monthly payments, with the …

FCA enable firms to provide mortgage breathing space Read More »

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its Report on the implementation and functioning of the Intra-day Volatility Management Mechanism (IVM). Following an assessment of the IVMs introduced by trading venues and identification of differences in the approaches taken in their implementation and calibration, ESMA …

ESMA finds adequate setup of measures to reduce volatility in trading of energy derivatives Read More »

Insurance Australia Limited (IAL), wholly owned by Insurance Australia Group Limited (IAG), has been penalised $40 million by the Federal Court for failing to honour discount promises made to customers who held NRMA branded insurance policies. This penalty is the largest ever penalty imposed by the Court against an insurer for breaches of the financial …

IAL penalised $40 million over pricing discount failures Read More »

ASIC warns consumers about David Zohar and companies associated with him ASIC has issued a warning to consumers about the activities of David Zohar (Mr Zohar) regarding his promotion of investments in Lithium Lakes Limited (ACN 637 002 692) (Lithium Lakes). ASIC is concerned that Mr Zohar, whilst the sole director of Lithium Lakes, sent …

ASIC warns consumers about David Zohar and companies associated with him Read More »

Mr Philip James Bart, Mr Geoffrey Thomas Parker and Mr Ronald George Johnson, the former Chair, Chief Executive Officer and Chief Financial Officer of Bruck Textile Technologies Pty Ltd (Bruck Textile) respectively, have been committed to stand trial on criminal charges. They were committed for trial following a hearing before the Melbourne Magistrates’ Court on …

Former Chair, CEO and CFO of Bruck Textile Technologies committed to stand trial Read More »