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Risk & Controls

CASE INSIGHT

Australian Securities and Investments Commission v Statewide Superannuation Pty Ltd [2021] FCA 1650

ASIC v Statewide Superannuation [2021] FCA 1650 highlights how insurance administration failures, weak systems controls and delayed breach reporting can create significant regulatory exposure for superannuation trustees.
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CASE INSIGHT

Australian Securities and Investments Commission v Camelot Derivatives Pty Limited [2012] FCA 414


In ASIC v Camelot Derivatives Pty Ltd (in liq) [2012] FCA 414, the Federal Court found misleading promotion of options-trading returns, commission-driven trading and failures to provide financial services efficiently, honestly and fairly. The decision highlights the risks of overstated performance claims, excessive trading and conflicts between client interests and brokerage revenue.
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CASE INSIGHT

Australian Securities and Investments Commission v Storm Financial Limited [2012] FCA 750

*ASIC v Storm Financial Ltd (in liq)* [2012] FCA 750 is a procedural discovery and costs decision concerning documents obtained by ASIC from Challenger. It highlights the litigation risks attached to regulator-held documents, third-party objections, confidentiality and discovery costs.
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CASE INSIGHT

Australian Securities and Investments Commission v Dover Financial Advisers Pty Ltd [2019] FCA 1932


*ASIC v Dover Financial Advisers Pty Ltd* [2019] FCA 1932 examines misleading client documentation, attempts to restrict statutory rights and the personal exposure of senior officers involved in approving defective compliance materials. The case is essential reading for AFS licensees reviewing advice templates, disclaimers and client acknowledgments.
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CASE INSIGHT

Australian Securities and Investments Commission v RI Advice Group Pty Ltd [2022] FCA 496

*ASIC v RI Advice Group Pty Ltd* [2022] FCA 496 confirms that inadequate cybersecurity and cyber-resilience controls can breach an AFS licensee’s obligations under ss 912A(1)(a) and 912A(1)(h). The case highlights licensee responsibility for cyber risk across authorised representative networks.
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CASE INSIGHT

Australian Securities and Investments Commission v Macquarie Bank Limited [2024] FCA 416

*ASIC v Macquarie Bank Ltd* [2024] FCA 416 examines Macquarie’s failure to implement effective controls over third-party bulk transactions, resulting in 167 fraudulent withdrawals and a $10 million penalty. The decision highlights the forward-looking nature of s 912A(1)(a), the need for effective alert governance and the risks of unresolved control weaknesses.
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