Finder Wallet case loss appealed by Australia’s securities regulator

The Australian Securities and Investments Commission (ASIC) has lodged an appeal against its recent court defeat in a case involving Finder Wallet, a subsidiary of Australian fintech firm Finder.com. Last month, a federal court ruled that Finder Wallet’s “Earn” product was compliant with Australia’s financial laws. ASIC had previously argued that the product operated without the necessary license or authorization. However, Justice Brigitte Markovic dismissed the case, stating that ASIC had failed to prove that the product constituted a “debenture” under the Corporations Act. In its appeal, ASIC argued that the judge had made an error in her finding, as there was no deposit or loan involved in using the Finder Earn product, and Finder Wallet had not promised to repay money as a debt. ASIC expressed concerns that the product was offered without the appropriate license or authorization, which meant that consumers were not adequately protected. The appeal will be heard by the Full Federal Court at a later date.