News Pulse for August 20, 2018

A daily download of SME, startup, fintech and tax news from around Australia.

Banks face criminal charges and $1b bill in fee-for-no-service scandal

A bad week for the big banks and AMP just got a whole lot worse, with confirmation ASICAustralian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. is likely to pursue them through the courts over the fee-for-no-service scandal and demand they refund around $1 billion worth of fees already charged.

On the final day of a two-week block of hearings on the superannuation sector, the banks were put on notice they could facing criminal charges for the practice.

RBA governor Philip Lowe is appalled by the behaviour of Australian banks

Reserve Bank governor Phillip Lowe says he has been appalled by the behaviour of Australia’s banks, and blames remuneration that rewards sales for the scandals.

Dr Lowe said the banking royal commission was “showing the benefit of sunlight” being shone on the internal workings of the banks.

Canberra startup Instaclustr raises raises big money in the Big Apple with $20.6m round

Canberra-based start-up Instaclustr has raised a $US15 million ($20.6 million) Series B funding round, led by a New York venture capital fund Level Equity as it looks to hire staff to grow its increasingly popular open source tech platform.

The company, conceived in 2014 by Ben Bromhead and Adam Zegelin, has created a tech platform that customers pay a monthly fee to use, in order to hosts and support applications that run using myriad open source data technologies.

Emerging businesses offer chance to shine

From the outside, the start-up world appears littered with success stories about best mates who built a business from their spare room, scaled up and then cashed out, leaving the newly minted founders ready to do it all again.

But what is less discussed, even as start-ups become a virtual dime a dozen, is that you don’t need to be a founder to build a career in them.

Progressing the Director Identification Number | The Hon Kelly O’Dwyer MP

In an embarrassing mistake Dr Andrew Leigh has wrongly claimed that the Turnbull Government is not progressing a director identification number as part of our wide ranging reforms to crackdown on illegal phoenixing.

It comes as the Turnbull Government yesterday released for consultation draft legislation which will not only deter and disrupt illegal phoenixing, but more harshly punish those who engage in and facilitate this illegal activity.

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