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Get Qualified Australia ordered to pay $8 million penalty

Wednesday 30 August 2017

ACCC Media Release

30 August 2017

The Federal Court today ordered Get Qualified Australia Pty Ltd (GQA) to pay an $8 million penalty for multiple breaches of the Australian Consumer Law (ACL) and its sole director, Mr Adam Wadi, to pay a penalty of $500,000.

This is one of the highest penalties e...

By Kwame Slusher

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ASIC calls on Fintechs to engage with them

Monday 28 August 2017





Fintechs should to talk to the Australian Securities and Investment Commissions (ASIC) about their business models.
 
This is according to Mark Adams, Senior Executive for Strategic Intelligence, who represented ASIC at the Meet the Regulators event at We Work in Pyrmont on August 17th.

The event came on the heels of the recent Australia...

By Kwame Slusher

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Licensing maintaining trust in the community

Monday 28 August 2017



At the recent Meet the Regulators Panel event, Melisandre Waterford, General Manager of Licensing at the Australian Prudential Regulation Authority (APRA), focussed on the new phased licensing for banks and Authorised Deposit-Taking Institutions (ADIs).

The presentation was based on the discussion paper, Licensing: A phased approach to authori...

By Kwame Slusher

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Fintechs and Payment Platforms

Monday 28 August 2017



Given the Reserve Bank of Australia’s (RBA) mandate for competition and efficiency, the bank takes a key interest in technological and product developments in the payments space.
 
These are the words of Tony Richards, the RBA’s Head of Payments Policy, who spoke at the Meet the Regulator event on 17 August at We Work, in Pyrmont.
 
Richards ...

By Kwame Slusher

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ACCC takes ticket reseller Viagogo to court

Monday 28 August 2017



ACCC Media Release

The ACCC has instituted proceedings in the Federal Court against ticket reseller viagogo AG (Viagogo) alleging it breached the Australian Consumer Law when reselling entertainment, music and live sport tickets from 1 May 2017 to 26 June 2017.

The ACCC alleges that Viagogo made false or misleading representations, and enga...

By Kwame Slusher

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17-285MR Day trader pleads guilty to market manipulation

Monday 28 August 2017

ASIC Media Release

A 31-year-old South Australian man has pleaded guilty in the District Court of South Australia to market manipulation charges under sections 1041A(c) and 1041B(1)(a) of the Corporations Act following an ASIC investigation into his trading in contracts for difference (CFDs) and shares. 

Stefan Mark Boitcheff, a day trad...

By Kwame Slusher

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17-282MR Super fees set to become more transparent and easier to understand

Friday 25 August 2017

ASIC Media Release

From 30 September there will be significant changes to the way superannuation and managed investment funds disclose the fees and charges that affect consumers.

The new requirement follows the Australian Securities and Investments Commission (ASIC) identifying a significant amount of under-reporting of fees, as well as conside...

By Kwame Slusher

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17-277MR ASIC permanently bans former Queensland financial adviser

Wednesday 23 August 2017

ASIC Media Release

ASIC has permanently banned former financial adviser Neil Bruce Trower from providing any financial services. 

Mr Trower is a former representative of Millennium 3 Financial Services Pty Ltd (M3), and a former employee of Lifestyle Financial Services (Qld) Pty Ltd a corporate representative of M3, who provided risk advice fro...

By Kwame Slusher

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17-275MR ASIC permanently bans jailed company director from credit and financial services industries

Tuesday 22 August 2017

ASIC Media Release

Mr Gavin Keith Hyland has been permanently banned from engaging in credit activities or providing financial services.

Mr Hyland was banned following his recent conviction in the Brisbane District Court on two counts of dishonestly using his position to misappropriate $104,110 of investor funds. Mr Hyland is currently se...

By Kwame Slusher

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The Impact of IFRS 9

Monday 21 August 2017



The key focus of the new international accounting standard IFRS 9 Financial Instruments is transparency of risks relating to expected losses in loan portfolios and how hedging practices mitigate financial risks. 

 “There is far more clarity under IFRS 9, much of which was driven by regulators saying they needed a better understanding of the im...

By Kwame Slusher

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