Regulation

The financial services minister is looking at tackling scammers at the source: “Does our barista down the corner really need my email address, my bank details, my name and my mobile phone number just to buy a cup of coffee?”

A new report has identified “blanket de-banking” of certain sectors, and reminded the banks that commerciality must be balanced with corporate social responsibility.

Crypto currency funds at Holon Investments were dealt a severe blow after ASIC slapped a temporary halt based on heightened risks concerns

The corporate regulator has delivered a stern warning to licensees with the release of its guide on consumer remediation. After overseeing billions in repayments to Australians, ASIC deputy chair Karen Chester says the industry “must do better”.

The chair will take a hard line on DDO and crack down on scams, but his major concern is crypto misinformation. “My job is to be frank with the Australian people,” he said.

Funds have adapted to the test’s metrics, but the consequent risk aversion could put the industry in “limp mode” and curb performance.

Crypto is the second most common product held by Australian investors.

Loans caused small business owners the most grief in the past financial year, with the regulator watching closely the effects of rising interest rates.