joe longo

The regulator will target predatory lending practices and misconduct against small business, with a focus on scams, particularly where conduct hurts retirement outcomes. It’s also looking into how banks responds to customers in financial distress.

Super funds are failing in their primary duty of understanding customers’ retirement income needs and aren’t doing enough to address known data gaps, the regulators said, criticising their slow progress under the retirement income covenant.

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.

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 long-running project has been shelved after a devastating Accenture report cited multiple areas of concern. ASIC chair Joe Longo said the ASX “failed to demonstrate appropriate control”.

The financial services minister is looking at tackling scammers at the source: “Does our barista down the corner really need my email address, my bank details, my name and my mobile phone number just to buy a cup of coffee?”

Crypto currency funds at Holon Investments were dealt a severe blow after ASIC slapped a temporary halt based on heightened risks concerns

The chair will take a hard line on DDO and crack down on scams, but his major concern is crypto misinformation. “My job is to be frank with the Australian people,” he said.