Online trading platform Trade360 will close shop at the end of the month, following an ASIC investigation that found its representatives at an offshore call centre provided personal advice to clients which the company was not licensed to give.
Bank of Queensland is the first bank to be caught for alleged breaches under the new Consumer Data Right scheme, paying a $133,200 penalty.
An investment consultant at Kahlbetzer family investment vehicle Twynam Investments has filed a lawsuit alleging she was sacked over the phone a month after telling the company she was planning for a baby.
The National Australia Bank has denied claims by a former senior employee that she was bullied and paid less than other workers because of her gender, saying a manager did not brandish a baseball bat in a threatening way but merely carried it around as a ‘fidget toy’.
Citigroup has settled a lawsuit alleging it gave a customer conflicted financial advice to invest most of her savings in “risky” products, despite her being an inexperienced investor with limited funds.
The Australian Securities and Investments Commission has filed civil penalty proceedings against advisory firm Lanterne Fund Services, alleging it ran a “wholly deficient business”.
Fintech startup Zeller Technologies has taken millennial financial adviser Victoria Devine to court after she succeeded in quashing its application to trade mark the word ‘Zeller’.
Failed neobank Volt is facing an investor class action investigation over representations made in a series of funding rounds that raised $219 million before announcing last week that it would shut its doors.
A judge has told Forum Finance director Vince Tesoriero to “revisit” evidence about his true financial position if he wants to win the release of $1.25 million to pay for his defence in Westpac’s fraud case against him, amid concerns about whether he has made full disclosure to the court.
ASIC has brought court proceedings against wealth manager Mercer Financial Advice, alleging the company charged fees for services it did not provide and made false and misleading representations to thousands of customers.