The Australian Law Reform Commission has recommended extensive reforms to the “confusing maze” that is the Corporations Act, including the creation of a standalone financial services law.
The Australian Communications and Media Authority has hit teleco Medion Australia with a $259,440 penalty for allegedly failing to verify customer identity, claiming it caused several people to fall victim to SIM-swap scams.
Four current and former Linchpin Capital directors have been disqualified from heading up companies and hit with a combined $390,000 in penalties, after a judge found they improperly used their positions as directors to line their own pockets.
The Fair Work Ombudsman has brought proceedings against three United Petroleum-branded outlets in Tasmania and South Australia, alleging they underpaid migrant workers by more than $26,000.
The Australian Securities and Investments Commission has lost its bid to pursue a disciplinary case against former Grant Thornton director Bradley Taylor over his 2018 audit of fintech firm iSignThis while criminal proceedings are ongoing.
In a victory for Zurich Australia, the Australian Securities and Investments Commission has lost its first-ever civil penalty case alleging an insurer failed to act with utmost good faith during claims handling.
A judge has hit Airbnb with a $15 million penalty for misleading Australian consumers by displaying accommodation prices in US dollars, on top a $15 million consumer redress scheme the vacation rental giant has implemented.
The Australian Competition and Consumer Commission has renewed its calls for the government to adopt its proposed reforms to the merger regime, warning that consumers and businesses will pay the price for continuing anti-competitive mergers which enable parties to engage in “legal brinkmanship” with the regulator.
A now-banned financial adviser has been hit with two charges of providing misleading information to the corporate regulator during a compulsory examination.
Honda Australia has been hit with a $6 million penalty for misleading communications made to customers of three dealerships during a restructuring in which the car maker’s shuttered its independent dealer network in favour of an agency model.