Category: Regulation

The penalty, reduced from over £30 million, follows an FCA investigation into serious weaknesses in Monzo’s financial crime controls in a period when the digital bank grew rapidly to serve more than 12 million customers. The FCA found that Monzo failed to verify customer addresses for most personal account holders, despite stating it only served…

In a statement released on July 7, the Australian Securities and Investments Commission (ASIC) said Mr King was “not a fit and proper person” to operate in the sector and was likely to breach financial services law again. ASIC said it found that Mr King concealed information from clients, submitted false documents, misused funds to…

According to the regulator, the cancellation followed confirmation that Ballast had ceased operating a financial services business.  The regulator explained that under section 915B of the Corporations Act 2001, ASIC may suspend or cancel a licence if the licensee no longer carries on business. Ballast, which held AFS licence number 233180 since 9 September 2003,…

In civil penalty proceedings filed in the Federal Court, the Australian Securities and Investments Commission (ASIC) claims that Delta (formerly named Sunset Power International Pty Ltd) placed orders for New South Wales Peak Load Electricity Futures Contracts on 30 occasions between 8 September and 6 October 2022 with the intent of improperly influencing the daily…

The regulator says that between April and November 2024, the fund’s product disclosure statement, target market determination and website claimed it invested in green, sustainable and social corporate bonds.  However, ASIC stated that the fund held exposure to government and supranational bonds during this period, assets inconsistent with its declared strategy focused on corporate issuers.…

The scheme involved artificially inflating Australian share prices before selling them at inflated values. ASIC said Larissa Quinlan, Kurt Stuart, Emma Summer, and Syed Yusuf all entered guilty pleas in the Downing Centre Local Court to conspiracy to commit market rigging and dealing with the proceeds of crime.  Ms. Quinlan, Mr. Stuart, and Ms. Summer…