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A judge has signed off on an agreed $10.3 million penalty against Mercer Super for failing to inform ASIC about investigations into serious issues, after the judge requested more information on how the penalty had been arrived at.
A judge wants more details about a $10.3 million agreed-to penalty in proceedings brought by ASIC accusing Mercer Super of "longstanding and systemic" compliance failures.
A court has slapped private health insurer Bupa with a $35 million penalty after it admitted to misleading thousands of customers about their benefits for over five years.
Origin Energy has been ordered to pay a record $17.6 million after admitting it breached Victoria’s energy rules, impacting over 670,000 customers.
Power and gas company Sumo has been ordered to pay a $10 million penalty for engaging in prohibited 'door-to-door' phone sales, the largest penalty for breaches of Victoria’s energy laws.
The competition regulator will not appeal a tribunal ruling that set aside its decision to block the $4.9 billion merger between ANZ and Suncorp, but promised it will continue to scrutinise the banking industry.
The ACCC’s rejection of a $4.9 billion merger between ANZ and Suncorp was hardly surprising given the concentrated nature of the home loans market, but the competition regulator faced an uphill battle in having the decision upheld, an expert says.
The ACCC’s decision to block a $4.9 billion merger between ANZ and Suncorp has been set aside, with a tribunal finding the transaction will not substantially lessen competition in the home loans market or for agribusiness and SME clients in Queensland.
ANZ has criticised the ACCC’s objection to its planned $4.9 billion merger with Suncorp, arguing before a tribunal that the alleged "uncertain" effects on competition in banking was not a sufficient reason to block the deal.
A battle with the competition regulator over the proposed ANZ, Suncorp tie-up has begun, with the first clash involving a group of rival lenders that want their submissions to the ACCC kept under lock and key.