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ASIC sues NAB over $100M in fees for no service
Financial Services 2018-09-06 7:29 pm By Cat Fredenburgh

ASIC has taken two NAB wealth management units to court for allegedly charging superannuation members around $100 million in fees for services they never received.

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Adcock Private Equity wins $1M judgment against ex-Aussie Home Loans boss
Financial Services 2018-09-05 7:41 pm By Cat Fredenburgh

Private equity firm Adcock has won almost $1 million in a judgment against the former boss of Aussie Home Loans, Stephen Porges, who was found to have misled the firm over the profitability of shares in a digital commerce startup he wanted to offload.

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Westpac to pay $35M to settle ASIC case over automated home loans
Financial Services 2018-09-04 3:07 pm By Cat Fredenburgh

Westpac will pay $35 million to settle a case brought by ASIC alleging the bank breached responsible lending laws through its automated home loan system, the largest civil penalty ever awarded under the National Credit Act.

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Westpac close to settling ASIC’s responsible lending case
Financial Services 2018-09-03 9:27 pm By Miklos Bolza

A trial set to begin Monday morning in ASIC’s landmark case against Westpac alleging the bank breached responsible lending laws was postponed amid settlement talks, which were expected to continue into the evening.

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Macquarie Group hits back at advisers’ wage claims
Employment 2018-09-03 9:06 pm By Christine Caulfield

Macquarie Group has defended its remuneration package for financial advisers in its private wealth unit, denying claims it paid them entirely in commissions and unlawfully withheld regular wages. 

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Exiled broker ponders misleading conduct case against Westpac
Financial Services 2018-09-03 2:26 pm By Miklos Bolza

A mortgage broker can eyeball an internal Westpac document as he considers a misleading and deceptive conduct case against the bank for stripping him of his accreditation without explanation.

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Judges to up scrutiny of confidentiality in class action settlements
Analysis 2018-08-30 11:30 pm By Christine Caulfield

The decision by a federal judge to refuse calls for a confidentiality order keeping under wraps S&P Global’s massive class action settlement is a welcome one, experts say, and a preview of judgments to come.

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S&P, ANZ pay $215M to settle class actions over CDO ratings
Class Actions 2018-08-30 11:22 am By Miklos Bolza

S&P Global will pay $215 million to settle six consolidated class actions brought by investors over toxic CDOs, a figure revealed by the Federal Court on Thursday despite calls that it be kept secret.

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AMP wins bid to move class actions to state court
Class Actions 2018-08-29 2:24 pm By Christine Caulfield

AMP has prevailed in a hard-fought fight over where it will defend five shareholder class actions brought in the wake of the Banking Royal Commission, in a precedent-setting judgement that provides a road map for future jurisdictional battles over competing class actions.

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ASIC cautions lenders against reverse mortgage ‘box-ticking’
Article 2018-08-28 10:57 pm By Christine Caulfield

The Commonwealth Bank of Australia and other lenders have been warned by the corporate watchdog against a “tick-boxes” approach to reviewing reverse mortgage applications by elderly home owners.

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