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ASIC bans life insurance adviser for 5 years
Financial Services 2018-02-23 8:54 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has banned a financial adviser for five years for failing to act in his clients’ best interests, the second […]

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Westpac faces new claim in life insurance class action
Class Actions 2018-02-23 8:39 pm By Cat Fredenburgh

Westpac was responsible for the conduct of its in-house financial planner, who allegedly overcharged the bank’s own customers with excess premiums on life insurance, class […]

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Amaca can’t get indemnity costs over asbestos settlement
Construction 2018-02-23 8:17 pm By Christine Caulfield

A judge has rejected Amaca’s bid for indemnity costs in a case over contributions to an asbestos class action settlement, but he did not rule […]

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Commonwealth Bank denies Austrac money laundering claims
Financial Services 2018-02-23 8:14 pm By Christine Caulfield

The Commonwealth Bank of Australia on Friday pushed back against the majority of expanded claims brought by the anti-money laundering regulator and denied all allegations […]

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Ex-Charter Financial adviser banned for fleecing elderly clients
Financial Services 2018-02-22 9:08 pm By Cat Fredenburgh

A former financial adviser for Charter Financial Planning has been permanently barred from providing financial advice by Australia’s corporate regulator after it found he deducted […]

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Banks pay $21.4M to consumers for bad financial advice
Financial Services 2018-02-21 8:46 pm By Cat Fredenburgh

Australia’s five biggest banks have paid out $21.4 million since the end of 2016 to consumers harmed by advice that violates financial services regulations, the […]

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ACCC to pursue big biz with bigger fines
Competition & Consumer Protection 2018-02-20 3:26 pm By Christine Caulfield

The ACCC has set out its priorities for 2018, and bigger penalties for big business flouting competition laws is top of the agenda, the commission’s […]

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S&P settles Lifeplan class action over CDOs ratings
Class Actions 2018-02-20 12:39 pm By Cat Fredenburgh

S&P Global Ratings has reached a settlement in an Australian class action by investors who bought collateralised debt obligations rated healthy by the U.S. credit […]

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ANZ fined $5M over lending practices
Competition & Consumer Protection 2018-02-16 11:44 am By Cat Fredenburgh

A Federal Court judge in Melbourne has slapped Australia and New Zealand Banking Group with a $5 million fine for failing to properly vet customers’ […]

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New law targets predatory credit card lending
Competition & Consumer Protection 2018-02-16 10:13 am By Cat Fredenburgh

A new bill that will crack down on predatory credit card lending practices sailed through Parliament on Thursday, the first reforms to pass in the […]

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