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Commonwealth Bank won’t defend ASIC case over $2.9M in overcharged interest
Financial Services 2021-02-12 12:14 pm By Spencer Fowler Steen

Proceedings launched by ASIC in December accusing the Commonwealth Bank of Australia of saddling consumers with $2.9 million in inflated interest rates on their business overdraft accounts on more than 12,000 occasions will move swiftly to a penalties hearing.

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Class action seeks to expand claims against PwC over Axsesstoday accounting lapses
Accounting 2021-02-04 3:27 pm By Spencer Fowler Steen

Bondholders of Axsesstoday are seeking to expand their claims in a class action against the collapsed asset finance lender and its accountant PricewaterhouseCoopers, alleging PwC kept investors in the dark about a spike in the company’s arrears ratio prior to issuing a $50 million bond prospectus.

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CBA sued for conspiracy to misuse private bank account details in dismissal wrangle
Privacy & Cybersecurity 2021-01-19 6:38 pm By Spencer Fowler Steen

The Commonwealth Bank of Australia has been sued for conspiracy to misuse private information and bank account details in an unfair dismissal case brought by the director and former employee of a Melbourne financial services provider.

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APRA trims $250M additional capital requirement for Allianz
Financial Services 2020-12-10 4:28 pm By Cat Fredenburgh

The prudential regulator has reduced a requirement that Allianz Australia hold an extra $250 million in capital by $100 million, noting steps the insurer had taken to improve its risk management. The Australian Prudential Regulation Authority imposed the additional capital requirement on the insurer’s Australian unit in August last year, due to issues raised in…

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ASIC takes CBA to court over $2.9M in overcharged interest
Financial Services 2020-12-01 11:24 am By Cat Fredenburgh

The Australian Securities and Investments Commission has filed civil penalty proceedings against the Commonwealth Bank of Australia for allegedly saddling consumers with $2.9 million in inflated interest rates on their business overdraft accounts on more than 12,000 occasions.

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CBA fined $150,000 for increasing problem gambler’s credit card limit
Financial Services 2020-10-23 5:30 pm By Christine Caulfield

The Commonwealth Bank of Australia has been fined $150,000 after a Federal Court judge found the bank had breached the law by increasing a problem gambler’s credit card limit but that the conduct was “not systematic, deliberate or covert”.

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Commonwealth Bank settles with ex-GM who blew whistle on bonuses
Employment 2020-09-17 2:12 pm By Cat Fredenburgh

Commonwealth Bank of Australia has resolved a lawsuit brought by a former general manager alleging he lost his job for blowing the whistle on a system allegedly used by staff to inflate their bonuses.

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CBA exec warns class actions could deter top talent from boardrooms
Financial Services 2020-09-08 4:52 pm By Miklos Bolza

A high ranking executive from the Commonwealth Bank of Australia has warned that an increase in class actions could discourage Australia’s best corporate leaders from joining company boards.

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CBA hit with class action over grandfathered commissions
Class Actions 2020-09-03 10:28 pm By Cat Fredenburgh

A class action has been filed against the Commonwealth Bank of Australia over commissions grandfathered by the Future of Financial Advice reforms.

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ASIC won’t take action against Commonwealth Bank over AUSTRAC matter
Financial Services 2020-08-26 11:55 pm By Cat Fredenburgh

The Australian Securities and Investment Commission will not take action against the Commonwealth Bank of Australia or any of its directors of officers in relation to AUSTRAC proceedings the bank agreed to settle for $700 million in 2018.

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