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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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Macquarie’s ‘defective’ payment system should have rung alarm bells, judge says
Employment 2021-01-14 5:33 pm By Spencer Fowler Steen

Macquarie Bank has been ordered to fork out $330,000 to dozens of former advisers for a “defective and deficient” system which saw the bank fail to pay a raft of employment entitlements.

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Macquarie Bank on the hook for paying advisers leave entitlements
Employment 2020-10-02 10:40 pm By Christine Caulfield

Former Macquarie Bank financial advisers who claimed their commission pay structure left them shortchanged have won their case for back pay for annual and personal leave, in the first decision in a group of cases against the wealth manager.

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Judge dismisses Macquarie bid for ‘irrelevant’ tax docs in underpayments suit
Financial Services 2020-09-17 2:39 pm By Alison Eveleigh

Three former Macquarie Bank financial advisors who claim the bank underpaid them have successfully appealed a decision ordering them to hand over personal tax assessments, with an appeals court finding that the most the bank could make of the documents was to “inflict a degree of embarrassment” on its ex-employees.

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Banks’ fees for no service remediation bill tops $882M
Financial Services 2020-08-24 12:38 pm By Alison Eveleigh

Australia’s largest financial services institutions have paid or offered to pay more than $882 million to remediate customers affected by their fees for no service conduct, the Australian Securities and Investment Commission has revealed.

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Banks have offered $750M in fees for no service refunds so far, ASIC says
Financial Services 2020-02-11 11:22 pm By Cat Fredenburgh

Six of Australia’s biggest financial services institutions have so far paid or offered $749.7 million in compensation to hundreds of thousands of customers who were provided with non compliant financial advice or charged fees for no service, but the refunds to date are just the tip of the iceberg.

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Ex-Macquarie advisers want to broaden $2.6M unpaid wages case
Financial Services 2019-09-25 4:09 pm By Miklos Bolza

Fifteen former Macquarie Bank financial advisers are looking to expand their $2.6 million wages case against the bank, seeking evidence around allegedly unreasonable and unlawful deductions from their commissions.

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