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Finder Wallet has argued it did not need a financial services licence to sell its crypto product Finder Earn because it was not money, but instead allowed customers to purchase an asset and acted as a marketing tool to funnel users to its app.
The corporate regulator has again initiated proceedings against Gold Coast-based BHF Solutions and Cigno for allegedly providing credit without a licence after the lenders failed to convince the Full Court that their services fell outside the scope of the Credit Act.
The Australian Securities and Investments Commission has filed an appeal after a judge ordered ACBF Funeral Plans to pay $1.2 million for misleading its First Nations customers, less than one-fifth of what the regulator sought.
A judge has ordered ANZ to pay a $15 million agreed penalty in a case over more than $10 million in cash advance fees charged to the credit card accounts of hundreds of thousands of customers.
A judge has ordered National Australia Bank to pay just one-fifth the $10 million penalty proposed by ASIC for overcharging customer fees, taking aim at the regulator's concise pleading and saying the maximum penalty he could order was “woefully inadequate”.
The corporate regulator has brought proceedings against the Australian arm of Kraken Crypto Exchange, alleging it breached design and distribution obligations for a margin trading product that has lost customers almost $13 million.
The corporate regulator has taken the country's largest superannuation fund, AustralianSuper, to court for allegedly causing $69 million in losses to customers by failing to merge multiple superannuation accounts.
Direct bank Members Equity has pleaded guilty to criminal charges over misleading representations to customers, but a judge has questioned the bank’s submissions in favour of a low penalty, noting it was only “happenstance” that a systems glitch didn’t lead to worse outcomes for customers.
The corporate regulator has filed a suit against fintech giant PayPal over a term in its contracts with small businesses that sets a deadline for complaints about excess fees.
The Australian Securities and Investments Commission has won its case against Finnish microloan company Ferratum alleging it overcharged vulnerable, low-income consumers during the height of the COVID-19 pandemic.