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ANZ has been penalised $10 million by the Federal Court in relation to its Home Loan Introducer Program (Introducer Program). The Introducer Program involved home loan referrals to ANZ from third party ‘introducers’ from various professions, including cleaners and real estate agents. ASIC Deputy Chair Sarah Court said, ‘Under consumer protection laws, ANZ’s Introducer Program …

ANZ penalised $10 million over non-compliant Home Loan Introducer Program Read More »

ASIC’s ongoing financial reporting surveillance program and subsequent inquiries of a selection of 30 June 2022 annual reports has led to a further six listed entities disclosing material business risks in their 31 December 2022 interim financial reports. The six entities (which made disclosures between 22-28 February 2023) are DomaCom Limited, Dubber Corporation Limited, Family …

ASIC continues its focus on improved material business risk disclosure in annual reports Read More »

Six of Australia’s largest banking and financial services institutions have paid or offered a total of $4.7 billion in compensation, as at 31 December 2022, to customers who suffered loss or detriment because of fees for no service misconduct or non-compliant advice. This includes $1.1 billion paid or offered by the institutions between 1 July …

Final ASIC update: Compensation for financial advice related misconduct as at 31 December 2022 Read More »

The LTAF is a new category of open-ended authorised fund designed to invest efficiently in long-term assets. The FCA enabled the innovation by creating a new regulatory regime which came into force in 2021. Sarah Pritchard, Executive Director of Supervision, Policy and Competition – Markets said: ‘We made these rules to create an environment where investors …

FCA authorises first Long Term Asset Fund Read More »

he levy will be collected for the Government by HM Revenue and Customs (HMRC), the FCA and the Gambling Commission.  The ECL will apply to AML regulated businesses including:  credit institutions financial institutions  auditors, insolvency practitioners, external accountants, and tax advisers independent legal professionals trust or company service providers  estate and lettings agents high value …

FCA to collect Treasury’s economic crime levy (Anti-Money Laundering) from July  Read More »

ASIC has made two interim stop orders preventing Interactive Brokers Australia Pty Ltd (Interactive Brokers) from issuing Stock Yield Enhancement Program (SYEP) Derivatives to retail investors because of deficiencies in the product’s target market determination (TMD) and product disclosure statement (PDS). The interim orders prohibit Interactive Brokers from offering, issuing, giving a PDS for or …

ASIC places interim stop orders on TMD and PDS for a securities lending product Read More »

ASIC has taken court action against Green County Pty Ltd and Max Funding Pty Ltd for alleged unlicensed credit activity and other breaches of consumer credit laws. ASIC alleges that Green County and Max Funding failed to make reasonable inquiries about the purpose of loans, which led to Green County providing personal loans to certain …

ASIC commences court proceedings against Green County and others over alleged unlicensed credit activity Read More »

The Bank of England (BoE), the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Payment Systems Regulator (PSR) have a Memorandum of Understanding (MoU) that sets out the high-level framework the Authorities use to cooperate with one another, in relation to payment systems in the UK. The Financial Services (Banking Reform Act) …

Bank of England, FCA, PRA and PSR conduct 2022 review of Memorandum of Understanding for payment systems in the UK Read More »

n a joint operation with the Metropolitan Police, the FCA inspected several sites, using its enforcement powers. Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said: ‘Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this. ‘This operation, alongside last month’s action …

FCA takes further action against unregistered crypto ATMs in East London Read More »