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Today, ASX released public versions of the Special Report and the Audit Report on the current CHESS clearing and settlement system. Following ASX’s announcement to pause the CHESS Replacement Program in November 2022, ASIC and the Reserve Bank of Australia (RBA) (the regulators) took action to ensure that all necessary steps are taken to support …

ASIC acknowledges ASX’s release of the CHESS Special Report and Audit Report Read More »

The ban should save consumers struggling with debt thousands of pounds in unnecessary fees and ensure they receive better quality advice. It will put a stop to the business model which incentivises debt packagers to recommend certain options that make them more money rather than what is in the customer’s best interest. The debt packager …

Financial watchdog bans referral fees for debt packagers to help struggling consumers Read More »

The updated ePayments Code takes effect from today. This follows a 12-month transition period to allow subscribers time to get ready for, and ensure compliance with, changes providing clarity on a number of existing protections for consumers (see 22-215MR). Subscribers to the code include most banks and credit unions in Australia, as well as a …

ePayments Code subscribers to comply with updated Code from today Read More »

Two former directors of collapsed retail over-the-counter derivatives provider Berndale Capital Securities Pty Ltd have been charged with dishonesty offences, including misusing over $1 million in company funds. ASIC alleges that Stavro D’Amore and Daniel Kirby each unlawfully transferred Berndale company funds to benefit themselves and other associates and entities. Mr D’Amore is alleged to …

Former Berndale directors charged over dishonest conduct, misuse of company funds Read More »

ASIC has made an interim stop order preventing Mitrade Global Pty Ltd (Mitrade) from opening trading accounts or dealing in contracts for difference (CFDs) or margin foreign exchange contracts (margin FX) to retail investors. ASIC’s action was in response to concerns that Mitrade failed to take reasonable steps likely to result in distribution conduct being …

ASIC issues first DDO stop order for failure to take reasonable steps in CFD distribution Read More »

ASIC has made interim stop orders on one superannuation product and three managed funds promoted by Spaceship Capital Limited (Spaceship Capital) due to deficiencies in their target market determinations (TMDs). The funds are: Spaceship Super, a sub-plan of Tidswell Master Superannuation Plan, issued by Diversa Trustees Limited (Diversa), Spaceship Earth Portfolio (ARSN 643 773 282), …

ASIC halts offer of Spaceship Super and Spaceship Voyager Funds Read More »

The Federal Court has ordered Layaway Depot Pty Ltd (Layaway) pay a penalty of $375,000 for breaches of the Credit Act. Layaway charged excessive interest rates on 70 loans taken out by consumers to buy electronic goods including mobile phones, televisions and speakers. For example, customers paid instalments which totalled $780 for a Bluetooth speaker …

Layaway penalised $375,000 for providing high-cost credit and unlicensed credit activity Read More »