Regulatory news

Alexander John McCulloch, a former project manager at Beacon Minerals Limited, has been convicted and sentenced to 12 months’ imprisonment for insider trading, to be released forthwith on a recognisance of $5,000 and to be of good behaviour for 2 years.

View the full media release.

New ASIC data released today highlights the important role reports from the public play in helping ASIC identify misconduct, emerging risks and scams across Australia’s financial system.

Between 1 January and 30 June 2026, ASIC received 9,807 ‘Reports of Misconduct’ with retail investor issues and governance matters continuing to dominate reports received by ASIC, which together account for over four in five of all reports.

View the full media release.

The Australian Prudential Regulation Authority (APRA) has imposed licence conditions on ING Bank Australia Limited (ING Australia) and will require it to hold additional capital and liquidity in response to material breaches of the bank’s minimum liquidity requirements.

ING Australia notified APRA in July that it had identified material miscalculations of its liquidity position over several years, resulting in significant overstatement of its Liquidity Coverage Ratio (LCR).

Although the bank was reporting LCR outcomes of around 160 per cent, its true LCR was substantially lower and at times dropped below the minimum LCR requirement of 100 per cent mandated by Prudential Standard APS 210 Liquidity. ING Australia has since taken steps to raise its liquidity position to well above APRA’s minimum requirements.

While APRA views ING Australia to be financially resilient, its breaches of liquidity prudential requirements are serious.

In response, APRA has imposed licence conditions requiring ING Australia to commission independent reviews into the causes of its liquidity reporting failures and broader risk management and governance practices, develop a comprehensive remediation plan to address weaknesses identified, and provide independent assurance that those remediation actions have been effectively implemented and embedded.

APRA has also increased ING Australia’s minimum liquidity requirements to ensure it is operating prudently while it addresses the underlying drivers of its liquidity reporting failure. Further, APRA has imposed a $50 million operational risk capital add-on to address heightened operational risk and potential broader weaknesses in its prudential reporting.

The capital add-on, increased liquidity requirement and licence conditions will remain in place until ING Australia has completed the required work to APRA’s satisfaction.

APRA Deputy Chair Therese McCarthy Hockey said: “ING Australia is one of Australia’s largest banks with more than 2 million customers nationwide and assets of over $100 billion. As such, APRA expects it to have robust governance and internal controls to support its financial and operational resilience.

“Although the bank remains well capitalised, and benefits from the financial strength of the broader ING group, these breaches are not simply a reporting error. When a bank cannot accurately measure one of its most important financial safeguards, it raises fundamental questions about the effectiveness of its risk management and controls. APRA is therefore acting decisively to ensure ING rectifies these weaknesses expediently,” Ms McCarthy Hockey said.

The Federal Court has imposed a penalty of $3.5 million against Venture 5 Group Pty Ltd (trading as CashnGo) regarding its use of, and reliance on, unfair contract terms in more than 47,000 standard form small amount credit contracts with consumers.

View the full media release.

APRA and ASIC have released public notes from the latest superannuation CEO roundtables, held on 24 and 30 June 2026.

The regulators jointly hosted superannuation chief executive officers representing a broad cross-section of the industry.

Attendees discussed frontier artificial intelligence, cyber and operational resilience, and crisis preparedness, alongside discussions of broader emerging issues facing the sector.

The notes can be viewed on APRA’s website at: APRA and ASIC host Superannuation CEO Roundtables – June 2026.

The Australian Prudential Regulation Authority (APRA) confirms that OnePath Custodians Pty Limited (OPC) has fulfilled all obligations under its Court Enforceable Undertaking (CEU) and concluded the undertaking.

OPC is one of four superannuation trustees in the Insignia Financial Group and has approximately 365,000 members and over $39 billion in funds under management.

APRA accepted the CEU in July 2024 after OPC pledged to rectify compliance deficiencies and compensate affected members for failing to direct default member contributions to a MySuper product. OPC has since undertaken a comprehensive program to identify affected members, rectify the deficiencies and has made all reasonable endeavours to provide remediation where required.

As part of the CEU, OPC also committed to hold $40 million as an overlay of existing Operational Risk Financial Requirement assets. APRA has today lifted this overlay.

APRA Chair John Lonsdale said the conclusion of the CEU reflected OPC’s work to address concerns and demonstrated APRA’s balanced approach to supervision: holding entities to account, while acknowledging genuine remediation and uplift.

“Superannuation trustees play a critical role in protecting Australians’ retirement savings. Where trustees fall short, the consequences can directly affect members. APRA expects issues to be rectified swiftly and thoroughly.

“As one of Australia’s largest retail superannuation groups, Insignia is expected to lead with strong governance, risk oversight and robust controls evidencing a clear focus on members’ best interests,” Mr Lonsdale said.

APRA’s list of enforceable undertakings has been updated.

The Australian Prudential Regulation Authority (APRA) has welcomed David Bradbury as he commences his role as APRA Deputy Chair today.

Mr Bradbury has been appointed for a five-year term and will oversee APRA’s work in superannuation.

Mr Bradbury said: “I am honoured to be appointed Deputy Chair of APRA and pleased to commence in the role. I look forward to working with the Executive Board, APRA colleagues and stakeholders to support APRA’s mandate, and ensuring Australia’s superannuation sector continues to deliver sound outcomes for members.”

Mr Bradbury’s appointment completes APRA’s new Executive Board, following the Treasurer’s July announcement appointing him and Therese McCarthy Hockey as Deputy Chairs. Ms McCarthy Hockey has been with APRA for eight years and became an APRA Member in October 2022.

APRA Chair John Lonsdale said: “I am pleased to welcome David to APRA. His deep experience in economic policy, regulation and public administration complements the Executive Board’s strong mix of prudential, financial markets, insurance, superannuation and public sector expertise.

“Together, APRA’s Members are well placed to oversee APRA’s work to maintain the safety and resilience of Australia’s financial system for the benefit of the community.”

Ms McCarthy Hockey will continue to oversee APRA’s work in banking, while APRA Member Suzanne Smith will continue to oversee general, life and private health insurance.