Regulators

Former ANZ superannuation trustee OnePath Custodians has been hit with a $5 million penalty for charging superannuation members more than $4 million in fees that it was not entitled to.

‘Serious and systemic’ failures in Australian Clinical Labs’ cyber framework left the pathology services provider vulnerable to a cyberattack that exposed the sensitive health data of more than 223,000 people, including tests for fertility and sexually transmitted diseases, according to the OAIC.

A former manager of stockbroking firm BBY Limited is the second senior employee to front court faced with criminal charges following the firm’s failure.

Moo Premium Foods has agreed to remove claims from its yoghurt tubs that the packaging is made from 100% ocean plastic, following an investigation by the ACCC as part of the regulator’s crackdown on greenwashing.

Sydney-based online broker International Capital Markets is facing a class action by inexperienced investors who allegedly lost $500 million in trading risky contracts for difference.

The Australian Competition and Consumer Commission has again called for new laws to regulate digital platforms as they creep further into the daily lives of Australians through smart home devices and personal cloud storage.

The competition regulator has taken training provider Express Online Training to court for allegedly misleading consumers by promising they would only be charged for their online courses upon completion and that the courses could be finished in one day.

A judge has ordered wealth manager Mercer Financial Advice to pay a $12 million penalty for “extremely serious” fees-for-no-service conduct and breaches of its fee disclosure obligations, in a case brought by the Australian Securities and Investments Commission. In the case, filed in June last year,  ASIC alleged that Mercer charged 761 customers a total…

ASIC has escaped an individual insolvency practitioner’s bid for indemnity costs in its failed case alleging illegal phoenix activity, with a judge finding the regulator did not unreasonably reject a settlement offer that would have netted it “a considerably better result” than it won at trial.

The Fair Work Commission has found that a salary packaging provider had “reasonable business grounds” to force workers back to the office, rejecting an employee’s bid to work full-time from home.