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.
Citibank will provide refunds of $3.3 million to credit card customers for failing to refund them when their credit card accounts were closed with an outstanding credit balance.
The Australian Securities and Investments Commission has won a $1 million penalty against a financial advice firm for breaching the so-called best interest duty, the first ever penalty imposed for such a violation.
The trial against three of Australia’s biggest banks over alleged interest rate rigging was pushed back again on Wednesday after lawyers for National Australia Bank and Australia and New Zealand Banking Group told the Federal Court they were still in settlement talks with the securities regulator.
The Australian Securities and Investments Commission could get more teeth under a new proposal by a Turnbull government taskforce released Tuesday, with penalties for corporate crime tripling from $1 million to $3 million.
Australia and New Zealand Banking Group Ltd. has reached an 11th-hour deal with the securities regulator over allegations of interest rate rigging.