<p><span>Six of Australia s largest banking and financial services institutions have paid or offered a total of $3.6 billion in compensation, as at 30 June 2022, to customers who suffered loss or detriment because of </span><span>fees for no service</span><span> misconduct or </span><span>non-compliant advice</span><span>.</span></p>
<p><span>A recent federal court decision is a timely reminder for company directors about cybersecurity risk oversight and disclosure obligations, writes ASIC Commissioner Danielle Press.</span></p>
<p>So you have a risk management framework – but doesn t adequately address cybersecurity risk?</p>
For the first time in Australia, a court has held in an action brought by Australia’s financial services regulator, ASIC, that the failure by a company to have adequate risk management.
<p>Good morning everyone.</p>
<p>I would like to begin by acknowledging the Traditional Owners and Custodians of the lands on which we meet today, and to pay my respects to their Elders past, present and emerging. I extend that respect to Aboriginal and Torres Strait Islander people present today.</p>
This edition of the Update covers: Recent legal and regulatory developments, including the release of regulatory guidance on crypto asset-related investment products,.