Today
Insignia fined $10.7m but share price soars
The regulator slammed the financial services giant for “still struggling with foundational issues” such as failing to put members’ money into default MySuper products.
- Hannah Wootton
Booming Cash Converters revenues point to squeeze on the poor
The ASX-listed pawnbroker told investors the increase was partly tied to “mainstream finance” being “more difficult to access” for many of its customers.
- James Eyers
This Month
APRA puts onus on Cbus to ensure CFMEU directors are fit, proper
Senators have called for the construction industry fund to cut ties with the CFMEU amid allegations of criminality at the union. The prudential regulator says it is up to superannuation fund boards.
- Hannah Wootton
Resurgent Zip raises cash and pays big break fee to eliminate its debt
Zip has indicated it will push the accelerator on growth in the United States despite regulators investigating whether it has violated consumer protection laws.
- James Eyers
Nina lost $11,600 to a scam. Bendigo Bank won’t help her
When Nina Merrilees was scammed in 2022, she was shocked the banks didn’t help her. New research shows most Australians think they should have.
- Hannah Wootton
- Exclusive
- Gaming & wagering
‘Concerning’ offshore lotteries, online keno face crackdown
Communications Minister Michelle Rowland is assessing whether more regulation is required.
- Zoe Samios
This ASIC boss was scammed. She has a warning for you
When Karen Chester bought shoes in a sale last month, she did not expect to be scammed. The fact she was shows the urgent need for reforms.
- Hannah Wootton
ASIC queried Qantas’ knowledge of ACCC investigation as shares fell
The regulator wrote to the competition watchdog requesting a “a better understanding” of the probe into ticket sales on cancelled flights, emails reveal.
- Vesna Poljak and Kylar Loussikian
Labor plays down call to break up ASIC, talks up whistleblower rewards
The Australian Securities and Investments Commission was on Wednesday accused of being a “toothless tiger” in the final report of a 20-month Senate inquiry.
- Ronald Mizen
Call for ‘toothless tiger’ ASIC to be split in two
A 20-month Senate inquiry found the watchdog should be split into a companies regulator and a separate financial conduct authority.
- Ronald Mizen
ANZ lashed for charging fees to dead people
The Banking Code Compliance Committee said deficiencies in the bank’s compliance frameworks for dealing with deceased estates were “deeply concerning”.
- James Eyers
June
‘Breathtaking’ decision weakens federal agencies
The US Supreme Court ruling is its most significant to date, paring back the power of the executive and handing it to the courts.
- Updated
- Ann E. Marimow and Justin Jouvenal
Meta threatens Australian news ban in media bargaining war
News sites and links could once again be blocked from Meta’s platforms if the social media company is forced to negotiate content deals with local publishers.
- Updated
- Tess Bennett
Lending rules ‘locking out’ house buyers: ANZ CEO
The banks have become increasingly strident in their criticism of lending rules, warning it is preventing access to home loans except for the wealthy.
- James Eyers
APRA chairman: I won’t be winding back the regulatory clock
John Lonsdale hit back at CEOs seeking relief, declaring current APRA restrictions as deliberate and appropriate, in a speech at an ABA event on Wednesday.
- James Eyers
Vision Super buys up Whitehaven shares
The fund, which sells itself to customers as environmentally conscious, has watered down its climate investment promises as “green hushing” continues to rise.
- Hannah Wootton
Armaguard and the banks now trust each other, says Linfox chairman
There has been a big turnaround in the relationship between the cash transport monopoly and its eight biggest customers.
- James Eyers
Calls to ban Facebook and Instagram in Australia
The heads of major media organisations say Meta’s refusal to renew about $70 million in commercial deals with news outlets will likely lead to job losses and newspaper closures.
- Updated
- Hannah Wootton
Nuclear plan puts sovereign risk back into infrastructure: Contractors
The Coalition’s energy proposal rekindles uncertainty for a contracting industry counting on renewable energy to offset a slowdown in rail and road work.
- Michael Bleby
NAB clarifies crypto strategy with investment in Zodia Custody
NAB Ventures joins Standard Chartered and Northern Trust on the register of London-based Zodia, revealing NAB’s crypto play may involve custody services.
- James Eyers
