ASIC

Consumer access to sound advice comes first, according to Michelle Levy, the Allens partner who recently led a review into the sector. She urged the government to dispense with any further consultations and get on with implementing the review’s far-reaching reforms.

Nearly 32,000 customers of Australia’s four major banks fell victim to scams in the 2022 financial year, bearing 96 per cent of the losses as reimbursement and compensation rates remain extremely low. ASIC is now pushing financial institutions to improve their approaches to scams and better support their customers.

The hits keep coming for the country’s primary stock exchange, which is now under investigation by the corporate regulator for its oversight of the doomed upgrade to its clearing system.

One of Australia’s largest retail super funds will be hauled before the court over allegations it engaged in greenwashing of products in what will likely be a test case for the practice.

The regulator’s financial reporting surveillance program has turned up numerous companies failing to make required risk disclosures in financial reports, as it reminds directors of their obligation to provide investors with key information about a company’s prospects.

In the first 18 months of the new restructuring framework for small businesses, more than 90 per cent of proposed restructuring plans have been approved by creditors. Despite slow early uptake, ASIC says more small businesses are benefitting from the reforms in 2023.

The respected lawyer will not see out his contract with the corporate regulator after accepting a role in the commercial sector.

The corporate regulator reports it has issued 21 stop orders against companies over marketing of financial products since new design and distribution obligations went into effect last October, with the rate of enforcement picking up in recent months.

The regulator’s recent removal of a controversial $500,000 minimum-balance guidance for self-managed superannuation funds provides an opportunity to re-engage with lower-balance funds that have been steered away from SMSFs, the SMSF Association says.

The Australian Securities and Investments Commission is making good on promises to combat greenwashing, issuing its second set of fines against a company for misrepresenting the ESG bona fides of an investment product.