ASIC

Super fund Cbus has made admissions in the corporate regulator's case over long delays in the processing of $20 million in death and disability claims, with the action to progress directly to penalty.

A judge did not need to recuse himself from deciding the penalty in ASIC's case against Sunshine Loans because his earlier adverse credit findings — far from giving rise to bias concerns — were relevant to the task, the regulator has told the High Court.

Super trustee Retail Employees Superannuation has paid two infringement notices after ASIC alleged it misled over 2,000 members after inadvertently activating insurance cover.

Cryptocurrency exchanges will be required to hold an Australian Financial Services Licence under proposed legislation announced by assistant treasurer Dr Daniel Mulino.

Super trustee Macquarie Investment Management has admitted it failed to act efficiently, honestly and fairly after thousands of members invested $321 million in a Keystone fund under investigation for misusing funds. 

ASIC has won banning orders against a Paladin and MacroLend director, with a judge finding investors were enticed by his “entirely fanciful” $1.02 billion valuation of Paladin unit Kradle Software.

A judge has taken ASIC to task for pleading its remitter case against Mayfair 101 Group director James Mawhinney in minute detail, but has rejected arguments the regulator ran the proceeding in an “oppressive and unmeritorious” way.

The corporate regulator has filed proceedings against RACQ, one of Queensland’s largest insurers, alleging it sent customers renewal documents with misleading comparison pricing. 

A judge has ordered ANZ to explain itself after hearing the director of a Gold Coast property developer under investigation withdrew $112,000 from a bank account subject to freezing orders.

An ASIC report into private credit has found that commercial property construction and development presents the “greatest potential risk” of impairment or credit loss, as well as being more likely to involve conflicts of interest and opaque fee arrangements.