Tag Archives: ASIC

ASIC takes action against Swoosh for alleged responsible lending failures and DDO breaches

Posted on December 20, 2024 Posted inDesign and Distribution Obligations, National Credit CodeTags:ASIC, DDO, responsible lending

ASIC has initiated civil penalty proceedings against Ausfinancial Pty Ltd, trading as Swoosh Finance, in the Federal Court. The proceedings allege that Swoosh breached its responsible lending obligations and design and distribution obligations. Read on for more information about these proceedings.

ASIC seeking feedback on its proposed guidance for the new sustainability reporting regime

Posted on November 7, 2024 Posted inFinancial Services RegulationTags:ASIC, ASIC consultation, sustainability reporting regime

ASIC has today released draft Regulatory Guide 000 Sustainability reporting (Draft RG 000) and ASIC Consultation Paper 380 (CP 380) seeking stakeholder feedback on the Draft RG 000 itself, whether any ASIC legislative instruments that grant relief in relation to financial reporting or audit requirements should be extended to sustainability reporting, and any other areas where ASIC should support the introduction of the sustainability reporting regime.

American Express ordered to pay $8 million penalty for failing to meet design and distribution obligations

Posted on September 4, 2024 Posted inDesign and Distribution ObligationsTags:AMEX, ASIC, Corporations Act, DDO

The Australian Securities and Investments Commission (ASIC) has announced that American Express Australia Limited (Amex) has been ordered to pay an $8 million penalty. This penalty arises from Amex’s failure to comply with its design and distribution obligations under the Corporations Act 2001 (Cth).