Latest news with #AustralianSecuritiesandInvestmentsCommission
West Australian
3 hours ago
- Business
- West Australian
Bankers best-placed to win over public on artificial intelligence, ASIC boss Joe Longo says
The Australian Securities and Investments Commission has tasked the country's banking industry with assuaging public distrust in artificial intelligence by proving it can be used for customer good. But the watchdog also affirmed it's in no rush to regulate the fast-moving technology. A speech to be delivered by chair Joe Longo on Wednesday will set out the conundrum the corporate regulator faces in both trying to allow the purported benefits of AI to flourish, while managing its potential harms. 'Cutting-edge technology can't leave your customers bleeding,' he will tell an Association Banking Association conference in Sydney. 'We've already seen that customer trust in AI and its potential to improve customer service is eroding. If banks get this wrong, we're likely to see a significant setback in AI legitimacy and trust.' Mr Lungo suggested as an example that banks might implement AI to help monitor vulnerable customers and ensure they aren't being overcharged banking fees. Mr Longo will also make the case that as 'sophisticated operators', banks have the right governance structures in place to 'lead Australia's AI revolution', after a recent survey found only four in 10 Australians actually trust the technology. 'The latest research by RepTrak and KPMG shows that over the last 12 months, Australians' trust in AI has declined,' he will say. 'And, since Australians interact with their banks in some form or other every day – if you get AI right, that will go a long way toward addressing Australians' general hesitation around AI.' ASIC's present view is that it should not be rushing into targeted AI regulation, with Mr Longo saying the group plans to 'see just how far' current frameworks will last as the technology develops. Although he also warned that the watchdog was keeping a close eye on how AI was being used. 'We will take enforcement action where appropriate, where we see misconduct occurring. So yes, you will get in trouble when technology is not used responsibly,' he will say.
AU Financial Review
3 days ago
- Business
- AU Financial Review
The quiet death of Mayfair 101 founder's ASIC conspiracy theory
One of the longest-running false narratives in Australian business that I have seen in 42 years of finance journalism quietly died this month, but there is no sign it will be buried any time soon. I am talking about the claim by James Mawhinney, who founded the Mayfair 101 Group of companies, that the COVID-19 pandemic and the Australian Securities and Investments Commission destroyed his $1.6 billion vision for a 'tourism mecca' in Far North Queensland.
AU Financial Review
14-07-2025
- Business
- AU Financial Review
Insolvencies surge in construction and hospitality sectors
Australian construction-industry insolvencies surged nearly 21 per cent last financial year to a new high, reflecting what the corporate regulator said was a greater use of insolvency appointments by small businesses restructuring debts in a way that would let them keep trading. Figures published by the Australian Securities and Investments Commission on Monday showed economy-wide insolvency appointments for the year to June revealed a jump in construction-industry insolvencies – the single largest sector – from 2977 in FY24 to 3595, while total insolvencies rose 33 per cent to 14,716.
Sky News AU
11-07-2025
- Business
- Sky News AU
Almost $450 million feared lost for thousands of Australian super holders as fund goes into liquidation
Thousands of Australians' retirement plans may have been ruined after it was revealed close to $450 million could have been lost before a superannuation fund collapsed in March. The First Guardian Master Fund, which manages the superannuation of approximately 6000 Australians, went into liquidation in early 2025, with the Australian Securities and Investments Commission launching an investigation into the company. Liquidators Ross Blakeley and Paul Harlond released a Statutory Report to Creditors this week, which details where the money may have gone. 'Based on our preliminary assessment the Liquidators consider the potential claim may be up to $446m,' the report said. Co-director of the fund David Anderson is accused of transferring funds into his personal bank account. 'There is evidence that one director, Mr Anderson, or entities or individuals associated with Mr Anderson have also been parties to certain transactions and/or the recipient of considerable monies from the Company and/or Funds,' the report said. 'These transactions require further investigation and explanation by Mr Anderson.' The report also revealed Simon Selimaj, Mr Anderson's co-director, purchased a luxury car, registered under the company. 'The Company is the registered owner of a 2023 Lamborghini Urus,' the report said. 'The vehicle was purchased in January 2023 by the Company for $548,000 including on road costs and was funded via a bank account controlled by the Company. 'On appointment the vehicle was in the possession of Mr Selimaj.' The Liquidators believe the vehicle could be sold for up to $400k at auction, which is due to take place. Further money is believed to have gone into loans in offshore entities, with a combined book value of approximately $242 million, as well as loans to associated entities of Mr Anderson and Mr Selimaj totalling almost $70 million, according to the report. The Liquidators said they are unable to estimate 'what funds may be available for distribution to Creditors or Unitholders.' Further investigations are underway, and it may take up to a year for the case to be resolved and funds to be paid back.
Yahoo
10-07-2025
- Business
- Yahoo
Australia's Central Bank to Explore Developing Wholesale Tokenized Asset Markets
The Reserve Bank of Australia (RBA) will explore the development of wholesale tokenized asset markets alongside an array of industry participants. "Project Acacia" will use stablecoins, pilot wholesale central bank digital currency (CBDC) and bank deposit tokens in 24 use cases of tokenizing a range of asset classes, such as fixed income and private markets. Tokenization refers to the process of minting assets such as bonds and equities as tokens that can be bought, sold and traded on blockchains, with the aim of making processes faster, cheaper and more transparent. The Australian Securities and Investments Commission (ASIC) is also providing regulatory relief in order to streamline the pilot, which will involve the testing of tokenized asset transaction between participants and other selected financial institutions, the RBA announced on Thursday. Issuance of pilot wholesale CBDC for testing the use cases will take place on different blockchain platforms, such as Hedera and R3 Corda. Participants in Project Acacia include Fireblocks, Northern Trust and Australian banks Commonwealth Bank, Australia and New Zealand Banking Corporation (ANZ) and Westpac. The project is the a sign of the Australian government's plans to integrate digital assets into its economy being put into practise. The Australian Treasury published a whitepaper in March, describing how the government planned to embrace tokenization, real-world assets and wholesale CBDCs to make financial markets more efficient. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
