In Australian Securities and Investments Commission v Venture 5 Group Pty Ltd [2026] FCA 1278 the Federal Court of Australia imposed a penalty of $3.5 million against Venture 5 Group Pty Ltd (trading as CashnGo) regarding its use of, and
Bright Law Blog
Bright Law Blog, published by Bright Law, focuses on legal and regulatory developments affecting the financial services sector in Australia. The blog covers topics such as compliance with financial services and credit laws, regulatory updates from bodies like APRA and ASIC, risk management strategies, and the obligations of financial advisers and licensees. It also addresses issues related to advertising standards for financial products, privacy concerns in emerging technologies like generative AI, and prudential frameworks for banks. The blog aims to assist financial institutions, advisers, and compliance officers in navigating complex regulatory environments and maintaining adherence to evolving legal requirements.
Latest from Bright Law Blog - Page 2
Draft legislation to ban employee non-compete clauses
Treasury has released a draft Treasury Laws Amendment (Banning Unfair Non-Competes) Bill 2026 to ban non‑compete clauses for Australian workers under $190,100 per year (the Fair Work Act high‑income threshold).The Bill will amend the Competition and Consumer Act to cover
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Australian Financial Innovation Strategy
Treasury has published a new Financial Innovation Strategy that will support a coordinated whole-of-government approach to financial innovation, starting with changes to the ASIC Regulatory Sandbox and the Consumer Data Right.The Government has announced that ASIC will be authorised to
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Cash Distribution Regulation Australia
The Cash Distribution Framework Bill 2026 has been passed by both Houses of Parliament and is awaiting Royal Assent.UPDATE: The Act received Royal Assent on 26 August 2026.The bill establishes a framework to regulate cash distribution services in Australia, including
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Case note: monitoring financial service promises
In In the matter of Fiducian Investment Management Services Pty Ltd [2026] NSWSC 959 the Supreme Court of NSW declared that Fiducian Investment Management Services Limited (FIMS), contravened section 12DF of the Australian Securities and Investments Commission Act (ASIC Act)
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AFCA publishes new Approach papers
The Australian Financial Complaints Authority (AFCA) has published two new Approach papers for insurance complaints and updated another one, setting out how it assesses compensation for non-financial loss.AFCA’s Approach to general insurance claims handling provides practical insight into how AFCA
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Uncontactable members
ASIC Corporations (Amendment and Repeal) Instrument 2026/675 has repealed ASIC Corporations (Uncontactable Members) Instrument 2016/187 as the relief contained in that instrument is no longer required, given changes to the Corporations Act 2001 introduced by the Treasury Laws Amendment (Modernising
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Sustainability reporting changes
The Australian Government is consulting on changes to improve the efficiency of climate-related financial disclosures (“sustainability reporting”).Reforms announced in the Budget 2026-27 include raising the monetary thresholds prescribed for determining whether a proprietary company is ‘large’:to $100 million revenue (from
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Superannuation consumer protection changes announced
The Government has announced changes to strengthen consumer protections in the Australian superannuation, advice and investment system.The changes will affect APRA-Regulated Superannuation funds as well as self-managed super funds, Managed Investment Schemes and financial advisers.They will also include:* Empowering the
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Unfair trading practices ban passed by Parliament
The Australian Parliament has passed the Competition and Consumer Amendment (Unfair Trading Practices) Act 2026 (Cth), to amend the Australian Consumer Law by banning unfair trading practices and subscription traps from 1 July 2027.Unfair trading practices capture conduct in connection
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