A judge has shot down a request by financial services company AGM that the court halt an ASIC proceeding seeking to revoke its financial services licence while a Federal Court case against it progresses.
A judge has signed off on a $3.5 million settlement in a case brought by the consumer watchdog against Equifax Australia, with the credit reporting company admitting it made misleading claims in selling paid credit packages to vulnerable consumers.
Slater and Gordon has filed the first class action over “worthless” credit card insurance, alleging National Australia Bank violated consumer protection laws when it sold the insurance to customers who were not eligible to bring a claim under the plans’ terms and conditions.
ASIC said it is considering enforcement action against companies that fail to detect and report breaches of the law in a timely manner, after a damning report found the major banks take more than four-and-a-half years on average to spot a breach.
AMP’s financial planning unit has shot back at allegations by the corporate watchdog that a group of planners engaged in so-called life insurance rewriting, admitting only that one of its army of advisers broke the law.
A judge has shot down a last minute bid by an insurance brokerage facing a cross claim in a class action over failed debenture issuer Provident Capital to retract an admission in its defence ahead of trial next month.
A landmark trial brought by the Financial Sector Union of Australia against UAE Exchange Australia has been vacated after a judge accused the union of “throwing the case into chaos” with a belated expert report.
The Australian Securities and Investments Commission failed to establish any grounds for permanently banning an ANZ financial adviser from the industry, a tribunal said in setting aside the decision Tuesday.
A judge has agreed to sign off on an order in a massive class action against Westpac that could give 25 percent of any recovery to the litigation funder underwriting the case, on the condition that the funder accept a rate reflecting the net, not the gross, sum.
The deputy chairman of the Australian Securities and Investments Commission, Peter Kell, has resigned just five months into a yearlong extension of his contract with the corporate watchdog.