The Commonwealth Bank of Australia has urged the Full Court to toss ASIC’s challenge to a decision dismissing its conflicted remuneration case over the bankâs sale of its Essential Super product, saying the appeal suffered from âfatalâ flaws.
The Australian Securities and Investments Commission has filed an appeal after a judge dismissed its case alleging the Commonwealth Bank of Australia accepted conflicted remuneration through the sale of its Essential Super product, finding it was âmisconceivedâ.
The Australian Securities and Investments Commission has suffered a defeat in proceedings alleging the Commonwealth Bank of Australia accepted conflicted remuneration through the sale of its Essential Super product, with a judge finding the regulator “ignored the circumstances” in which the product was distributed.
A judge has fined superannuation fund promoter MobiSuper and licensee ZIB Financial $250,000 for misleading marketing calls.
A judge has refused to order Commonwealth Bank of Australia to publish notice of a $7 million penalty in a case brought by ASIC on its mobile app, but the bank will have to alert customers to its misconduct on its website and online newsroom.
A judge weighing a dispute between ASIC and the Commonwealth Bank over whether notice of a $7 million penalty should be sent out through the bank’s Commbank app has questioned the usefulness of adverse publicity notices and whether they should be ditched for higher pecuniary penalties in the future.
The Commonwealth Bank of Australia is resisting a novel proposal by ASIC to use its CommBank app to notify 6.3 million customers of a $7 million fine against it for overcharging interest, saying the move would pose a “significant risk” to the public.
A judge has slugged the Commonwealth Bank of Australia with a $7 million fine in proceedings brought by ASIC for excessive interest charged to thousands of overdraft customers, but noted the penalty amounted to profits from just six hours of operation for the Big Four bank.
The Commonwealth Bank of Australia has told a judge thereâs no chance it will admit to ASICâs allegations that it accepted conflicted remuneration through the sale of its Essential Super product, likening the matter to ASICâs failed âWagyu and shirazâ case against Westpac.
In another victory for ASIC in a case stemming from the banking royal commission, a judge has ruled that TAL Life Limited breached the Insurance Contracts Act after denying coverage to a cancer patient and threatening to recover $24,000 it had already paid to her.