ASIC is suing CashnGo for misconduct in the provision of small amount credit contracts. The action highlights ASIC’s regulatory focus on high-volume consumer lenders, particularly where systemic practices may contribute to financial hardship among vulnerable consumers. ASIC alleges that CashnGo engaged in a range of harmful practices including: conducting unscheduled direct debits from borrower bank […]
ASIC has commenced enforcement action against a responsible entity for failing to comply with its obligations under the design and distribution obligations (DDO) regime in Part 7.8A of the Corporations Act 2001 (Cth). The case centres on the issuer’s retail product distribution conduct in relation to a contributory mortgage fund offered to retail clients. Under […]
Companies planning to list on the ASX may soon benefit from a faster and more flexible IPO process, thanks to a new two-year trial aimed at reducing execution risk and expediting timetables. The proposed changes are designed to help issuers navigate volatile market conditions while maintaining strong disclosure and governance standards. The trial introduces the […]
ASIC has forced Australian financial services (AFS) licensee Kalkine Pty Limited to appoint an independent compliance consultant to address concerns regarding customer service representatives providing unlicensed advice. Kalkine is a Sydney-based financial services group that provides equity research reports using a subscription service available on their website. Kalkine has held an AFS licence (licence number […]
ASIC has cancelled the Australian financial services (AFS) licence of Spectre Financial Group Australia Pty Ltd (Spectre) for failing to maintain organisational competence, which is a core obligation of an AFS licensee under the Corporations Act. Spectre held an AFS licence since 23 October 2018 but ceased providing any financial services approximately three years ago. […]
The Australian Securities and Investments Commission (ASIC) has cancelled the Australian Financial Services licence (AFSL) of the Queensland financial services provider Thistle Financial Group. Thistle Financial Group had ceased to carry on a financial services business, which caused ASIC to cancel their AFSL as under section 915B of the Corporations Act. Background Thistle Financial Group […]
ASIC has released updated regulatory guidance to support the introduction of new laws governing the Buy Now Pay Later (BNPL) sector, ahead of changes due to take effect on 1 July 2025. Summary of the New Guidance The updated guidance clarifies how BNPL providers must comply with responsible lending obligations under the new regime, which […]
Macquarie Bank Limited has been issued additional conditions on its Australian Financial Services (AFS) licence following repeated and significant compliance failures across its futures trading and derivatives reporting operations. Several of the issues went undetected for extended periods, raising serious regulatory concerns. Key Compliance Failures Futures Dealing Operations: Macquarie failed to prevent 11 suspicious orders […]
The Federal Court has ordered DOD Bookkeeping Pty Ltd (formerly known as Equiti Financial Services Pty Ltd) to pay $11,030,000 in penalties after findings of serious misconduct involving conflicted remuneration and the provision of unsuitable financial advice. Background Between 2016 and 2019, Equiti Financial Services Pty Ltd (Equiti FS) advisers systematically recommended clients establish self-managed […]