Financial Services

ASIC has confirmed it is investigating at least one ratings house which said Keystone’s failed Shield Master Fund was of 'investment grade', as the corporate watchdog seeks to claw back $480 million in investor funds. 

An ASIC report into private credit has found that commercial property construction and development presents the “greatest potential risk” of impairment or credit loss, as well as being more likely to involve conflicts of interest and opaque fee arrangements. 

ASIC's chair was grilled by members of parliament on Thursday over whether the regulator would take action against individuals within ANZ, after the bank agreed to pay $240 million in penalties for "widespread misconduct".

Products offered by La Trobe Financial Asset Management are the subject of interim stop orders by the corporate regulator, which claims the investment schemes are unsuitable for everyday investors.

ANZ has agreed to pay $240 million in penalties to resolve four separate cases by the corporate regulator, including a record $80 million penalty for unconscionable conduct in its dealings with the federal government. 

AMP has agreed to pay $120 million to settle a class action stemming from the banking royal commission which accused it of overcharging millions of superannuation members over a 12-year period.

The Finance Sector Union has accused ANZ of being a “bank in crisis”, launching a case in the Fair Work Commission over its handling of mass job cuts.

Facing allegations that it misused its market power with major retailers, Mastercard is challenging a ruling for the ACCC that lays bare discussions about merchant agreements involving inhouse lawyers.

Defunct telecommunications company Jabiru Satellite can add new claims to its suit against major banks for withdrawing support for Australia’s first satellite, but it can't put on a case that the lenders were “shadow” directors.

The financial crimes regulator has trimmed its case against the operator of online gambling sites Ladbrokes and Neds, UK-based Entain, alleging “systemic failure” to comply with its anti-money laundering obligations.