The Commonwealth Bank of Australia on Friday pushed back against the majority of expanded claims brought by the anti-money laundering regulator and denied all allegations in the related class action.
A former financial adviser for Charter Financial Planning has been permanently barred from providing financial advice by Australia’s corporate regulator after it found he deducted almost $67,000 in fees for advice he never gave.
Australia’s five biggest banks have paid out $21.4 million since the end of 2016 to consumers harmed by advice that violates financial services regulations, the Australian Securities and Investments Commission said Tuesday.
The ACCC has set out its priorities for 2018, and bigger penalties for big business flouting competition laws is top of the agenda, the commission’s chief said Tuesday.
S&P Global Ratings has reached a settlement in an Australian class action by investors who bought toxic products rated healthy by the U.S. credit reporting agency ahead of the global financial crisis, a deal that includes over $4.6 million in legal fees.
A Federal Court judge in Melbourne has slapped Australia and New Zealand Banking Group with a $5 million fine for failing to properly vet customers’ financial backgrounds when providing car loans.
A new bill that will crack down on predatory credit card lending practices sailed through Parliament on Thursday, the first reforms to pass in the wake of a Senate inquiry into the credit card market.
The Royal Bank of Scotland has reached a settlement in a consumer protection class action on the eve of trial in the Federal Court.
Australian consumers will soon be able to lodge grievances with a new body for resolving complaints with financial institutions.
A Federal Court judge on Friday signed off on $100 million in settlements between Australia’s securities regulator and National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd. for attempting to manipulate the market for the bank bill swap reference rate.