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Wolf of Wall Street wannabe cops 10-year ban for ‘serious’ disregard for compliance
Financial Services 2021-03-18 2:42 pm By Miklos Bolza

The director of now defunct foreign exchange and derivative trader Forex Capital Trading has been banned from providing financial services for 10 years after ASIC found he had a serious lack of regard for compliance while overseeing the firm’s Wolf of Wall Street-esque trading floor culture.

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ASIC says auditors weren’t required to school iSignthis on disclosure obligations
Financial Services 2021-03-16 10:17 pm By Cat Fredenburgh

ASIC has fired back at iSignthis’ defence to the regulator’s claims that it violated the Corporations Act by not disclosing $3 million in one-off revenue related to integration agreements, saying it was not the job of its compliance officials to school the fintech on its disclosure obligations.

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ASIC brings first COVID-19 case with action against ClearLoans over hardship requests
COVID-19 2021-03-16 3:37 pm By Miklos Bolza

ASIC has launched its first case related to the COVID-19 pandemic, targeting personal lender ClearLoans for allegedly contravening the hardship provisions of the credit laws that resulted in “significant consumer harm”.

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‘Bit of a stretch’: Judge looks dimly on Squirrel’s defence in ASIC case
Financial Services 2021-03-12 4:30 pm By Cindy Cameronne

A judge has questioned fintech company Squirrel Super’s defence in ASIC’s case alleging it made false and misleading statements about returns on property investments, saying it “looked like a bit of a stretch” at first glance.

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CBA says ‘non-existent’ chance it will make admissions in ASIC’s conflicted remuneration case
Financial Services 2021-03-11 7:27 pm By Cindy Cameronne

The Commonwealth Bank of Australia has told a judge there’s no chance it will admit to ASIC’s allegations that it accepted conflicted remuneration through the sale of its Essential Super product, likening the matter to ASIC’s failed ‘Wagyu and shiraz’ case against Westpac.

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‘Insureds are not only risks; they are people’: Judge slams TAL’s treatment of cancer patient’s claim
Chief Justice James Allsop 2021-03-10 10:28 pm By Cindy Cameronne

In another victory for ASIC in a case stemming from the banking royal commission, a judge has ruled that TAL Life Limited breached the Insurance Contracts Act after denying coverage to a cancer patient and threatening to recover $24,000 it had already paid to her.

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Insurers confirm coverage of Linchpin directors in class action, ASIC case
Financial Services 2021-03-08 11:04 pm By Christine Caulfield

After months of uncertainty and a scolding from the judge about “vague” excuses, former Linchpin Capital directors facing proceedings by ASIC and a class of investors have been given assurance that their legal costs will be covered under an insurance policy.

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Judge orders penalties of $1.4M in ASIC’s case against Dover Financial
Financial Services 2021-03-05 6:17 pm By Cindy Cameronne

A judge has ordered that defunct Dover Financial Advisors and its former director pay $1.4 million in penalties for creating a misleading client protection policy he described as “an exercise in Orwellian doublespeak.”

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GetSwift wins appeal bid to disqualify judge from class action
Appeals 2021-03-05 10:38 am By Spencer Fowler Steen

GetSwift has triumphed in its bid to disqualify a judge who refused to recuse himself from hearing a shareholder class action against the logistics software company after presiding over ASIC’s civil penalty proceeding against the company.

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Statewide Super cancelled 12,500 fund members’ insurance while charging them, ASIC claims
Financial Services 2021-03-04 9:32 pm By Spencer Fowler Steen

ASIC has launched civil penalty proceedings against Statewide Super alleging that around 12,500 fund members were not covered by any insurance policy for a year despite the super fund informing them that they had cover while deducting monthly premiums worth $1.5 million.

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