ASIC

A court has found National Australia Bank engaged in unconscionable conduct in knowingly overcharging thousands of customers periodic payment fees for four years.

The outgoing deputy chair for the Australian Competition and Consumer Commission says Australia “really needs” a new unfair practices law, echoing sentiments from the regulator’s former boss.

The Australian Securities and Investments Commission is targeting predatory lending, greenwashing and crypto-assets as rising interest rates cause consumers to turn to fringe sources of credit.

The Australian Securities and Investments Commission has drawn “a line in the sand” on greenwashing and will no longer accept “purely aspirational” climate change targets from companies, the regulator’s deputy chair has said.

The chair of the Australian Securities and Investments Commission has warned consumers about investing in “risky, speciality, poorly understood” crypto-assets, as the regulator steps up its investigations into managed funds acting in the space. 

Fintech iSignthis has dropped a $464 million lawsuit brought against the Australian Stock Exchange three years ago over allegedly misleading conduct in relation to the suspension of the company’s shares.

The former manager of over-the-counter derivatives provider Trade360 has been slapped with an eight-year ban by the corporate regulator and has lost a bid to stay the decision pending an appeal.

A joint court application by ASIC and NSW Fair Trading calls for special purpose liquidators to claw back money from funeral insurer Youpla over concerns about the current liquidator’s relationship with the failed company’s former lawyer.

Tlou Energy has paid $53,280 for allegedly making false or misleading statements to the market about its sustainability practices, in the Australian Securities and Investments Commission’s first compliance action over so-called greenwashing.

A judge has hit ANZ with a $25 million penalty in a case by the corporate regulator that alleged the bank short-changed hundreds of thousands of customers to the tune of $200 million.