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Financial Services AU

    Federal Court Finds Noumi Ex-CEO Liable On Rotten Stock

    The Federal Court of Australia has ruled that Rory Macleod, the former CEO and director of dairy and plant-based food company Noumi, formerly Freedom Foods Group (FFG), contravened some of his obligations in a case brought by ASIC over the company's failure to disclose millions of dollars in wasted stock, but the regulator failed to prove others.

    Law Courts building in Sydney

    Investment Advisor Is No Show In $7M Airport Loan Dispute

    An investment advisor accused of misleading and deceptive conduct by failing to repay a $7 million loan granted over a 10-day period to fund a purported new Melbourne airport has been a no-show in the Federal Court of Australia.

    ASX Eyes Diversity Target Removal, New Auditor Disclosures

    The Australian Securities Exchange has proposed cutting senior executive and workforce diversity targets, and adding new reporting requirements on the tenure of auditors to its corporate governance framework.

  • July 22, 2026

    ASIC Probes Mortgage Brokers' Duty To Put Clients First

    ASIC is conducting a review of the mortgage broking sector focused on the best interests duty of brokers, according to a speech by Commissioner Alan Kirkland in Melbourne on Wednesday.

  • July 22, 2026

    Judge Says Broker Needs Counsel In Market Abuse Case

    A Federal Court judge in Perth ruled on Wednesday that the director of an insurance broker suing broker network Steadfast Group and insurers QBE and Allianz, alleging they abused their market power by cutting the broker out of their networks, cannot represent her company in the case.

  • July 22, 2026

    ASIC Flags Auditors Legal, Ethical Duties Amid KPMG Scandal

    ASIC has reminded registered company auditors "of their legal, ethical and professional obligations" amid concerns about low public trust and confidence in the sector, according to a letter from Commissioner Kate O'Rourke to auditors on Wednesday.

  • July 22, 2026

    Sequoia CEO Steps Down Amid ASIC Suit

    Sequoia Financial Group CEO Garry Crole will step down immediately, the company said on Wednesday, amid ASIC's lawsuit over Sequoia subsidiary Interprac's alleged failure to oversee representatives who steered customers to the now-collapsed Shield and First Guardian master funds.

  • July 22, 2026

    Noumi To Go Private In $737M Arrovest Deal As Debts Loom

    Dairy and plant-based food manufacturer Noumi has entered into a $737 million deal with its largest shareholder, the investment vehicle Arrovest owned by the billionaire Perich family, to take the company private as a deadline to repay $610 million in debts looms.

  • July 21, 2026

    Aussie Broker Denies Mortgage Insurance Was Mandatory

    An Aussie Home Loans broker disputed in Federal Court on Tuesday that she had marketed mortgage protection insurance to the representative of a class of Aussie customers as effectively mandatory, one of several claims in the suit accusing Aussie and the insurer of improperly selling that insurance.

  • July 21, 2026

    Bolton Loses Bid To Make Keybridge Cover $1.4M Costs

    Investor Nicholas Bolton has lost an appeal in the Supreme Court of NSW's Court of Appeal over $1.4 million in legal costs in his dispute with Keybridge Capital, the investment firm he was ousted from as managing director.

  • July 21, 2026

    Fitch Gets $12.5M Security Costs Order Despite 3-Year Delay

    A Federal Court judge granted Fitch Ratings $12.5 million security for costs in a juggernaut class action against the international credit rating agency despite a three-year application delay on Thursday.

  • July 21, 2026

    Revolut Secures Australian Bank License In Global Push

    British fintech Revolut has been granted a banking license in Australia by financial regulator APRA more than four years after it applied, with plans to add deposit and savings accounts to its digital payment offerings.

  • July 21, 2026

    KPMG Australia Taps Finance Chief John Sams as New CEO

    KPMG Australia has appointed current chief financial officer John Sams as the new CEO who will deliver the auditing giant's internal reboot as it seeks to revive its reputation following the whistleblower scandal.

  • July 20, 2026

    Aussie Class Says Insurance Training Sought Personal Details

    A class of Aussie Home Loans customers argued in Federal Court in Melbourne on Monday that training provided to brokers pushed them toward selling mortgage protection insurance by inappropriately soliciting and using customers' personal circumstances.

  • July 20, 2026

    Benjamin Hornigold Wins $1.8M More In Director Loan Case

    Benjamin Hornigold, the ASX-listed investment firm, has secured a further $1.8 million civil settlement in the Federal Court against a former director bringing three years of legal proceedings to recover over $4 million in funds loaned to the investment management firm and never repaid, to an end. 

  • July 20, 2026

    Perpetual Rejects Second EQT Bid Worth $2.5B As Too Low

    Perpetual has rejected private equity firm EQT's $2.5 billion second takeover bid, saying on Friday that the offer's additional $50 million still did not represent fair value for its shareholders.

  • July 20, 2026

    Maurice Blackburn Gets 33% Fee Order In Entain Class Action

    A Victorian Supreme Court judge has granted Maurice Blackburn a group costs order of 33% as plaintiff's lawyer in a class action against betting giant Entain Group, which alleges an 'in‑play' betting service on its website and smartphone app was barred under gambling legislation.

  • July 20, 2026

    AFCA Fairly Split Super Death Benefit, Says Federal Court

    A Federal Court judge has backed AFCA's decision to divide a woman's $350,000 superannuation death benefit four ways, ruling her partner was not entitled to the entire amount over her three adult children.

  • July 19, 2026

    ASIC Penalties Hit Record $830M on Banks, Super Fines

    ASIC secured a record $830 million in civil penalties in the last fiscal year, driven by enforcement action against major banks, super trustees and financial services firms including Union Standard, HSBC, Macquarie Securities, Westpac and Mercer Super, the regulator said on Monday.

  • July 17, 2026

    Australian Fiduciaries Licence Cut After Compensation Payout

    ASIC has cancelled the financial services licence of Australian Fiduciaries after the Compensation Scheme of Last Resort (CSLR) paid to compensate the defunct investment firm's investors, the regulator said on Friday.

  • July 17, 2026

    Judge Blocks RH Capital's $23M Debt Demands As 'Disruptive'

    A Federal Court judge has set aside statutory demands issued by investment firm RH Capital seeking repayment of $23 million owed by two 3D printing companies in receivership, calling the decision to serve the demands "disruptive" because a separate proceeding over the same loans was already underway in the same court.

  • July 17, 2026

    NCAT Rejects Ibrahim Bid For Police Records On Debanking

    A New South Wales tribunal has denied Fadi Ibrahim, brother of notorious former nightclub owner John Ibrahim, access to communications between the NSW Police, banks and AUSTRAC after he was debanked following a conviction for handling suspected crime proceeds.

  • July 17, 2026

    ASIC Bans Another Ex-MWL Adviser Over Risky Shield Advice

    ASIC has banned former MWL Financial Services adviser Christian Henry from providing financial services or managing a financial services business for three years.

  • July 17, 2026

    ASIC Warns Older Aussies On Fake Stock Tip Social Scams

    ASIC on Friday warned that scammers were impersonating banks and market commentators on social media, luring older Australians into private messaging app groups with fake stock tips designed to inflate share prices before selling and leaving investors with heavy losses.

  • July 16, 2026

    Judge Cuts Fees In 'Disappointing' $120M AMP Class Deal

    A Federal Court judge on Thursday approved a "very disappointing" $120 million settlement in a class action alleging AMP overcharged superannuation customers for administration fees, while cutting the proposed percentage awarded to the plaintiffs' law firms and litigation funders.

  • July 16, 2026

    Chalmers Pushes ASIC, APRA To Prioritize Economic Growth

    Treasurer Jim Chalmers told financial regulators ASIC and APRA to place a greater emphasis on supporting economic growth, as the government seeks to cut regulatory burden, in new statements of expectations released on Thursday.

  • July 16, 2026

    Government Eyes Crime For Firms Ignoring Modern Slavery

    The Federal Government on Thursday announced plans for a new criminal offence for large companies that fail to stop modern slavery in their supply chains, as well as new civil penalties and enforcement powers for non-compliance with existing modern slavery laws.

  • July 16, 2026

    Fintech Bolt Fails To Block Service Suspension On AML Gaps

    Fintech payments provider Bolt Group lost a bid to stop its clearing system provider from suspending its services in the Federal Court in Sydney on Thursday, after the provider raised concerns about the risk of financial crime going undetected in the fintech's systems.

Expert Analysis

  • APRA's Warning Letter Means Directors Must Grasp AI Risks

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    A recent letter from the Australian Prudential Regulation Authority outlines industry expectations for managing artificial intelligence-related risk, reminding boards and directors to work closely with their technology officers to ensure compliance with the regulator’s recommendations, says Claire Mallon at HWLE.

  • Practice Leader Insights From HSF Kramer's Andrew Bradley

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    Andrew Bradley, leader of HSF Kramer's financial services regulatory practice in Australia, discusses managing mental health while working on a complex matter, the glaring need for further reform in the financial advice sector, and why this practice area may be the most dynamic and intellectually stimulating.

  • Blue Star Shows Why Liquidators Need Approval Rule Reform

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    The recent Queensland Supreme Court decision in Blue Star Care v. Rimcroft highlights the uncertainty surrounding Section 477(2B) of the Corporations Act court approvals regime, meaning that until outright reform is implemented liquidators must make unsatisfactory choices between what is safe and what is in creditors’ best interests, says Robert True at Quinn Emanuel.

  • What ACCC Data Reveals About Finance Deals

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    Recent Australian Competition and Consumer Commission data confirm that clearances under the new mandatory merger control regime are moving faster than anticipated and that the system’s waiver process works particularly well for low-risk transactions, making it a natural fit for the financial services sector, say lawyers at Squire Patton.

  • Australian Payments Reg. Proposals Will Broaden Oversight

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    The Australian government’s recent payments regulation proposals for a more activity-based licensing framework will significantly expand the perimeter of entities, indicating that the regulators view payment systems, digital assets and tokenized financial infrastructure as part of a connected regulatory ecosystem, say lawyers at Corrs.

  • Australia's Computer Patent Ruling Will Aid Global Companies

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    While courts around the world have struggled to articulate a technology-neutral test for patentability of computer-implemented inventions, a recent decision by Australia's top court offers a decisive answer, creating strategic opportunities for overseas applicants, say attorneys at Mallesons.

  • Assessing The Significance Of Australia-EU's Free Trade Deal

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    The recently concluded Australia-European Union free trade agreement could be a springboard for a more ambitious initiative bringing together the EU and the economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a critical mass capable of shaping norms across subsidies, sustainability disciplines and competition policy, says Alan Yanovich at Akin Gump.

  • Decoding Arbitral Disputes: ICSID Enforcement In Australia

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    The Federal Court of Australia recently ruled for award creditors in Blasket Renewable Investments v. Spain in a judgment that explains how Australia's statute book operationalizes the promise of depoliticized enforcement under the International Centre for Settlement of Investment Disputes Convention while accommodating, without yielding to, the centrifugal forces of European Union law, says Josep Galvez at 4-5 Gray's Inn.