Former ANZ super fund subsidiary OnePath overcharged more than $4 million in superannuation fees, according to regulatory action launched by the Australian Securities and Investments Commission on Tuesday.
Two major Zip Co investors have sued Merrill Lynch for allegedly breaching its duties as financial advisor by recommending they sell their shares in the Aussie fintech after September 1 last year, at which point Paypal’s announcement that it would enter the buy now, pay later market had sent Zip’s share price plummeting.
The liquidators of Mayfair’s failed IPO Wealth Holdings have won their bid to question the fund’s former director, James Mawhinney, for the eighth time over assets that could provide “significant potential recoveries” for shareholders.
The Australian Securities and Investments Commission has launched court proceedings against the self-proclaimed ‘wolf’ of the ASX, social media celebrity Tyson Scholz for allegedly providing financial services without a licence.
A senior ACCC officer has been grilled on whether staff training on criminal cartel investigations was “inadequate” while the competition regulator ran a cartel probe into ANZ’s $2.5 billion share placement in 2016.
The Australia and New Zealand Banking Group has agreed to pay a $25 million penalty to resolve proceedings by the Australian Securities and Investments Commission alleging the bank short-changed hundreds of thousands of customers to the tune of $200 million.
A former ANZ trader who alleges he was sacked for complaining about the bank’s manipulation of the bank bill swap rate has lost his bid to view lawyers’ notes taken during meetings over ASIC’s investigation into the bank’s conduct.
Former Commonwealth Bank subsidiary Avanteos Investments Limited pleaded guilty on Wednesday to charging up to $700,000 in fees to hundreds of deceased superannuation fund members.
The Finance Sector Union is preparing a lawsuit against the National Australia Bank, claiming the bank has pressured its employees to work “unreasonable” hours and underpaid its staff.
Former Linchpin Capital director Peter Eugene Daly has come up short in his second bid to stay his appeal of a ruling that banned him from providing financial services for five years in light of separate proceedings brought by ASIC.