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Crypto is ‘not money’: Finder Wallet fights ASIC case
Cryptocurrency 2023-10-04 9:33 pm By Cindy Cameronne

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. 

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ASIC takes aim at payday lenders after court found they can’t dodge Credit Act
Financial Services 2023-10-03 11:37 pm By Cat Fredenburgh

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.

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ACL offers sell-off to win approval for $1.5B Healius merger
Corporate 2023-10-03 1:17 pm By Sam Matthews

Pathology giant Australian Clinical Labs has proposed a divestiture of collection centres amid competition concerns about its proposed takeover of competitor Healius, the owner of Dorevitch Pathology.

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ASIC appeals partial loss in case against funeral insurer
Appeals 2023-10-03 11:31 pm By Cat Fredenburgh

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.

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Latitude customer seeks to join tech giants to $1M suit over data breach
Privacy & Cybersecurity 2023-09-27 10:52 pm By Cindy Cameronne

A customer of non-bank lender Latitude Financial has filed a bid to join tech giants DXC Technology and Crowdstrike to her lawsuit claiming over $1 million in compensation from a cyberattack that compromised 14 million customer records.

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ANZ cops $15M penalty in ASIC case over cash advance fees
Financial Services 2023-09-26 10:27 am By Cindy Cameronne

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.

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UNSW knew record-keeping practices were inadequate: Ombudsman
Employment 2023-09-26 1:56 pm By Cindy Cameronne

The Fair Work Ombudsman has taken the University of New South Wales to court, alleging its record keeping practices were “so inadequate” that it was difficult to identify whether employees were underpaid.

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NAB ordered to pay ‘woefully insufficient’ penalty in ASIC fee case
Financial Services 2023-09-22 10:02 am By Cindy Cameronne

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”.

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Starbucks shortchanged part-time staff $4.5M in overtime
Employment 2023-09-22 1:03 pm By Cat Fredenburgh

The Australian arm of coffee giant Starbucks has backpaid part-time workers across 52 stores $4.5 million, after discovering it failed to pay proper overtime rates.

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ACCC takes EnergyAustralia to court over electricity price notices
Competition & Consumer Protection 2023-09-22 12:33 pm By Cindy Cameronne

The Australian Competition and Consumer Commission has brought proceedings against EnergyAustralia for allegedly misleading consumers when notifying them of changes to electricity prices. 

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