The Australian Competition and Consumer Commission has raised concerns about MYOB’s proposed bid for Reckon’s accounting unit, saying it could substantially lessen competition in the market for accounting software.
Companies that manipulate financial benchmarks will face specific civil and criminal penalties under changes to the law made by the government today, in the wake of $100 million in settlements by two of Australia’s largest banks last year over claims they manipulated the bank bill swap reference rate.
A measure to add competition concerns to the mandate of the Australian Securities and Investments Commission was formally introduced in the House on Wednesday.
A joint parliamentary report released today blasted consumer protections for life insurance as weak, and called for an expansion of consumer protection laws to the life insurance sector and stronger enforcement powers for the Australian Securities and Investments Commission.
ATM provider Cardtronics has agreed to change its small business contract, after the Australia’s consumer regulator found some of the terms of the contract were unfair.
The Royal Bank of Scotland has agreed to pay $12.58 million to settle a consumer class action brought on behalf of purchasers of its financial products.
The Australian government is mulling whether to extend unfair contract laws to insurance contracts, Finance Minister Kelly O’Dwyer said.
DibbsBarker is closing its doors after signing a deal that will see 17 partners and support staff move to Dentons, the world’s largest firm.
Life insurer TAL Direct Pty Ltd has agreed to refund 1,200 funeral insurance customers after telling ASIC it violated the terms of their policies by failing to turn off cost of living increases.
Australia’s securities regulator will soon have a new mandate – overseeing competition in the financial sector.