ASIC

Industry News

Blackhall awarded OAM for service to automotive industry

AADA chair David Blackhall has been awarded a Medal of the Order of Australia (OAM) in recognition of his service to the automotive industry, capping a distinguished career spanning more than five decades.Australian Automotive Dealer Association (AADA) chief executive James Voortman says the industry is “so pleased” to see Blackhall’s lifelong contribution formally acknowledged.“David has significant experience working for various OEMs and owning dealerships.

12 June 2025

Industry News

ASIC sues Sydney car dealership for alleged unlicensed lending

The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court against Diamond Wheels, Keo Automotive and a former director for allegedly providing unlicensed car loans to consumers, many of whom paid an excessive interest rate.

26 September 2024

Industry News

ASIC sues Magnis and its chairperson over alleged disclosure failures

The Australian Securities and Investments Commission (ASIC) says it has launched civil penalty proceedings in the Federal Court against Magnis Energy Technologies Limited, alleging the company failed to disclose material information about its self-described “flagship” lithium-ion battery manufacturing facility.

30 April 2024

Industry News

RACQ Insurance to pay $10m for pricing discount failures

RACQ Insurance Limited (RACQ), has been ordered to pay a $10 million penalty by the Federal Court for potentially misleading customers in its product disclosure statements (PDS) about the pricing discounts available for certain types of insurance cover.

4 December 2023

Industry News

ASIC permanently bans fraudulent Sydney credit broker

ASIC has permanently banned former Sydney credit broker Trevor William King, from engaging in any credit activities and from providing any financial services, after he was convicted of fraud offences.

12 June 2023

Industry News

ASIC targets responsible lending breaches by automotive financiers

ASIC has commenced civil proceedings in the Federal Court against car finance provider Money3 Loans Pty Ltd (Money3) alleging breaches of its responsible lending obligations when providing finance for the purchase of second-hand vehicles.

17 May 2023

Industry News

ASIC sharpens focus on credit and debt management

The Australian Securities and Investments Commission (ASIC) is warning credit providers and debt management firms – including those geared for the automotive industry - that strong, targeted action is expected in coming months against predatory lending, high-cost credit and misconduct impacting consumers experiencing financial difficulty.

11 May 2023

Industry News

Former Tesla Australia director sentenced for insider trading

Former Tesla Australia director Kurt Schlosser was sentenced on March 17, 2023 in the Sydney District Court following his guilty pleas to two insider trading offences.

21 March 2023

Industry News

Travel restraints made against car financier

The former director of a finance company in liquidation which had previously provided car and home loan and investment services primarily to the Australian Muslim community has received an interim travel restrain order from the Federal Court.

21 November 2022

Industry News

NSW credit broker charged with 74 offences

A Sydney-based credit broker, Trevor William King, appeared in the Parramatta Local Court on October 14, 2022, charged with 74 offences of making false documents under the Crimes Act 1900 (NSW).

17 October 2022