ASIC appeal against Finder Wallet Decision dismissed – July 24, 2025
A decision that the crypto-asset-related product Finder Earn was not a debenture and therefore had not breached the Corporations Act has been upheld by the Full Court of the Federal Court. The ruling dismissed ASIC’s appeal against the decision.
ASIC has siad it will now “carefully consider” the decision.
MWL Financial services advisers banned – July 24, 2025
Two former financial advisers who worked for MWL Financial Services Pty Ltd have been given bans by ASIC. Rocco D’Amelio has been banned for seven years from July 18, 2025, and Robert Crossing for six years from July 18, 2025.
Each was found to have given inappropriate advice to clients which was not in their best interest. Clients were advised to invest most of their superannuation in the high-risk Shield Master Fund. The advisers advice contained false and misleading statements implying investors would enjoy better returns by investing in Shield, and claiming that Shield had a track record of high performance when in fact it had only been in existence for a short time.
The pair have been banned from providing financial services, controlling an entity that carries on a financial services business or performing any function involved in the carrying on of a financial services business.
Matthew Beresford banned – July 23, 2025
Two orders permanently banning Matthew Beresford of Victoria from engaging in financial services and credit activities have been made by ASIC.
Beresford established a business using a false identity and fraudulent bank accounts, and falsely claimed the business – which illegally offered financial advice and services – held an Australian Financial Services license.
Investigations by ASIC revealed that A$374,000 ($89,000) had ben deposited into the various bank accounts Beresford. opened.
Beresford pleaded guilty on June 27, 2024, in the County Court of Victoria to offences associated with false documentation and the proceeds of crime. He was sentenced to 85 days in prison and a 30-month. Community Corrections order.
Fortnum Private Wealth Limited sued for alleged failure to manage cybersecurity risks – July 22, 2025
Proceedings filed in the Supreme Court of New South Wales by ASIC allege Fortnums failed to meet its licensee obligations to have adequate policies, frameworks, systems and controls in place to deal with cybersecurity risks. This meant the company and its authorized representatives (ARs) were exposed to an unacceptabvle level of risk.
Fortnum revised its policy in May 2023 after a major breach of cyber security led to data from more than 9,000 clients being posted on the dark web. It’s previous policy had been in place since 2021. ASIC alleges that Fortnum did not require its ARs to take a prescribed minimum amount of cybersecurity training, nor did it adequately supervize or manage its ARs’ cybersecurity framework.
Further, it had no employees with specialized cybersecurity expertise, and failed to engege consultants with the necessary expertise. And it had no system of risk management that would allow it to address, identify or evaluate cybersecuity risks.
ASIC Chair Joe Longo said: “ASIC has been highlighting the cybersecurity responsibilities of companies. Australian financial services licensees, in particular, hold a range of sensitive and confidential information.
“That is why it is one of our enforcement priorities to act where we see licensees fail to have adequate protections.”
Three companies urged to lodge outstanding annual reports – July 21, 2025
The Supreme Court of New South Wales has ordered three companies to lodge outstanding annual reports with ASIC. The three are Liberty Primary Metals Australia Pty Ltd, Tahmoor Coal Pty Ltd and Liberty Bell Bay Pty Ltd, and all are members of the GFG Alliance Group.
Liberty Primary Metals Australia and Tahmoor Coal have been ordered to lodge outstanding annual reports for the 2024 financial year with ASIC by August 22, 2025. Liberty Bell Bay must lodge annual reports for 2021, 2022 and 2023 by October 3, 2025, and its 2024 report by October 31, 2025.
Credit license cancelled – July 21, 2025
Sydney-based credit provider Lendflex Holdings Pty Ltd has had its Australian Credit License cancelled by ASIC. The move came after Lendlfex failed to lodge its 2024 annual compliance certificate, and failed to nominate its a key person for its license.
Lendflex has the right to appeal to the Administrative Review Tribunal for a review of ASIC’s decision.
ASIC News week 30
Probe launched into debt management and credit repair services
As part of its work to protect consumers, particularly those experiencing financial hardship, ASIC is launching a review of the debt management and credit repair sector. The sector comprises around 100 licensees.
ASIC Commissioner Alan Kirkland said: “We are concerned some licensees may be failing to engage in credit activities efficiently, honestly and fairly, leaving financially vulnerable consumers worse-off as a result.
He continued: “We have heard numerous accounts of debt management firms making promises to vulnerable consumers that may not have been kept. In one instance, we heard that a woman could not get an answer on why her debt management firm was not making any payments to her creditors. After numerous calls to the firm, she was told to enter into bankruptcy with no further explanation.
“Another man was at risk of having his car repossessed after his debt management firm failed to respond to default notices from creditors. When he cancelled his contract and asked for a partial refund from the debt management firm, they said there was a no-refund policy.”
The regulator intends to publish insights from the review in a public report in 2026.
Updates to industry code of conduct guidance proposed
ASIC is asking for industry feedback on proposed updates to Regulatory Guide 183. The updates are aimed at ensuring currency and clarity of guidance on the regulatory approach to approving industry codes of conduct.
Speech
ASIC chair Joe Longo gave a speech to the ABA Banking Conference in Sydney on July 23 on the use of AI in banking.
He said that the regulator would not hold back innovation focused on customers, but that “cutting edge-technology can’t leave your customers bleeding.” And he went on to emphasise everyone’s duty to harness technological advance for the benefit of customers and communities.
And he said: “We are not rushing to more AI regulation but acknowledge more regulation may be needed in future. In the meantime, regulators will need to be bolder and more imaginative with how we use our existing powers.”
The full text of the speech can be found on ASIC’s website.