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CBA unit faces MySuper class action over delayed $3.2B funds transfer
Class Actions October 17, 2019 1:03 pm By Amelia Birnie

Commonwealth Bank subsidiary Colonial First State and former director Linda Elkins face a class action alleging the wealth management group breached its superannuation trustee duties […]

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APRA won’t appeal loss in IOOF case
Financial Services October 17, 2019 5:08 pm By Cat Fredenburgh

The Australian Prudential Regulation Authority will not challenge a Federal Court ruling that dismissed its case against fund manager IOOF as “unpersuasive”, “fundamentally inadequate” and “tenuous in the extreme”.

ASIC calls out insurers, super funds for selling ‘junk’ TPD insurance
Insurance October 17, 2019 5:09 pm By Amelia Birnie

AMP, Asteron and Westpac have been singled out by ASIC for having higher than expected decline rates for total and permanent disability life insurance claims, in a new review by the corporate watchdog that also revealed a “concerningly high” 60 per cent rejection rate for some narrowly defined policies.

NAB case against Human Group could prejudice Helen Rosamond, judge says
White Collar October 16, 2019 3:29 pm By Cat Fredenburgh

A judge has hit pause on National Australia Bank’s case against Helen Rosamond’s executive services company Human Group over an alleged $42.4 million fraud against […]

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ANZ says ASIC overreaching in case over ‘periodical payment’ fees
Financial Services October 15, 2019 9:17 pm By Miklos Bolza

ANZ has rejected allegations by the financial regulator that $35 million in fees charged to customers for periodical payments between accounts was unlawful, saying the […]

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Corrs retained by AMP financial planners to weigh class action
Financial Services October 15, 2019 10:44 pm By Christine Caulfield

Corrs Chambers Westgarth has been retained by the AMP Financial Planners Association to weigh a possible class action against the wealth manager over its plan […]

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Big Four banks face ACCC probe over refusal to pass on home loan interest rate cuts
Competition & Consumer Protection October 14, 2019 12:02 pm By Amelia Birnie

The ACCC will immediately commence a wide-ranging homes loans inquiry at the direction of the Federal Government, including an investigation into the banking sector’s refusal […]

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State Street drops Fearless Girl trade mark case against super fund
Intellectual Property October 14, 2019 3:25 pm By Cat Fredenburgh

US asset management firm State Street has dropped its trade mark claims against a second superannuation fund over its iconic Fearless Girl statue, leaving law […]

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High Court finds Connective Services broke the law with share transfer litigation
Appeals October 9, 2019 8:59 pm By Miklos Bolza

The High Court has shut down a lawsuit by mortgage aggregator Connective Services over the transfer of one third of the company’s shares after finding […]

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Examination proceedings brought against Linchpin Capital directors
Restructuring & Insolvency October 9, 2019 4:06 pm By Miklos Bolza

Three former directors of billion-dollar financial advisory firm Linchpin Capital Group will face two days of questioning in examination proceedings filed on behalf of an […]

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