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Cryptocurrency exchange FTX Australia loses financial services licence
Financial Services 2023-07-19 3:58 pm By Sam Matthews

The corporate watchdog has cancelled the AFS licence of FTX Australia, the Australian subsidiary of collapsed cryptocurrency exchange FTX.

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ASIC wins hard-fought case against payday lenders after High Court challenge
Financial Services 2023-07-12 9:31 pm By Cindy Cameronne

ASIC has won orders declaring that Gold Coast-based BHF Solutions and Cigno needed a credit licence to issue loans to hundreds of thousands of customers, after the High Court tossed a challenge by the payday lenders.            

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Broker Openmarkets pays $4.5M penalty over ‘wash’ trades
Securities 2023-07-06 2:18 pm By Sam Matthews

Retail broker Openmarkets has paid the largest ever penalty handed down by ASIC’s markets disciplinary panel, with the regulator also banning its former trading head for three years.

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Life insurer Select AFSL, director hit with $13M penalty for unconscionable sales tactics
Insurance 2023-07-04 2:48 pm By Cindy Cameronne

Select AFSL, its related entities and its director have been slapped with $13.6 million in penalties after a judge found that the life insurer used unconscionable phone sales tactics to “wear down” often vulnerable consumers, including migrants and Indigenous communities.

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IAL hit with $40M penalty over unpaid NRMA loyalty discounts
Insurance 2023-06-30 4:03 pm By Christine Caulfield

A court has imposed a $40 million penalty on Insurance Australia Limited in a case by the corporate regulator alleging NRMA customers were not paid $60 million in promised loyalty discounts.

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Bruck Textile bigwigs to stand trial on charges over unpaid redundancies
Restructuring & Insolvency 2023-06-30 1:25 pm By Gareth Baker

Executives of collapsed Bruck Textile Technologies have been committed to stand trial on charges alleging they schemed their way out of making more than $3 million in redundancy payments to their 58 employees. 

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ASIC’s power to order fines for Credit Code violations won’t face challenge
Financial Services 2023-06-27 11:54 pm By Cindy Cameronne

Queensland lender SunshineLoans has lost its second bid for the Full Court to decide whether ASIC has the power to bring civil penalty proceedings for violations of the Credit Code, with a judge finding its arguments were not strong enough to vacate an upcoming trial.

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Insurer seeking to examine Arrium liquidators can’t shield docs
Restructuring & Insolvency 2023-06-21 11:30 pm By Cindy Cameronne

Insurer Atradius has lost its bid to keep under wraps information supporting its application to publicly examine three KordaMentha directors about their administration of the Arrium Group after a judge found it would not prejudice a similar bid in related proceedings. 

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ASIC obstructing Senate committee’s investigation: report
ASIC 2023-06-20 11:54 pm By Cat Fredenburgh

A Senate committee tasked with investigating ASIC’s effectiveness at targeting serious misconduct has slammed the regulator for obstructing its work.

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Full Court won’t weigh in on ASIC’s power to seek penalties for Credit Code violations
Financial Services 2023-06-15 10:00 pm By Gareth Baker

Sunshine Loans has lost its bid to have the Full Court weigh in on ASIC’s authority to seek penalties for Credit Code violations, in proceedings accusing the online lender of charging over $320,000 in prohibited fees. 

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