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Pitcher Partners fined $5.6M for concealing botched accounting
Financial Services 2019-01-07 8:37 pm By Miklos Bolza

Accounting firm Pitcher Partners has been ordered to pay more than $5.6 million in damages for fraudulently concealing an amortisation error that caused a well-known bus operator to face higher than expected costs in a NSW transport tender.

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Judge greenlights MWL derivative suit against Focus Financial
Corporate 2019-01-07 11:42 am By Miklos Bolza

Majority shareholders in MWL Financial have won court approval to bring a derivative suit against US-based Focus Financial Partners over an acquisition gone sour.

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ASIC mulls appeal of Westpac ‘personal advice’ ruling
Financial Services 2019-01-04 10:31 pm By Cat Fredenburgh

The Australian Securities and Investments Commission has not ruled out a challenge to a ruling that two Westpac subsidiaries didn’t provide personal financial advice as part of a campaign encouraging customers to roll over external superannuation accounts.

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Debt collector fined $750k for harassing stroke victim, single mum
Competition & Consumer Protection 2018-12-21 9:58 pm By Miklos Bolza

Debt collector ACM Group has been hit with a $750,000 fine for engaging in unconscionable conduct by misleading, harassing and coercing two vulnerable customers while chasing unpaid debts.

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IOOF says APRA should be able to state its case after 3-year probe
Financial Services 2018-12-20 3:38 pm By Miklos Bolza

A barrister for two units of embattled wealth manager IOOF and three senior company executives facing claims by APRA have criticised the regulator for filing a broad concise statement and no statement of claim after a three-year investigation.

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Lead applicant socked with costs of Banksia class member’s appeal
Appeals 2018-12-19 9:53 pm By Christine Caulfield

The lead applicant in a class action over the failure of Banksia Securities is on the hook for paying the legal costs of a class member who successfully challenged the funder’s cut of a $64 million settlement in the case.

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MFS execs lose appeal over $147.5M in misused funds
Financial Services 2018-12-18 5:56 pm By Miklos Bolza

Three former executives of failed Gold Coast finance company MFS Group have lost their challenge to a ruling that they misappropriated $147.5 million in funds prior to the company’s collapse.

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ACCC gets $35M boost to take on cartels
Competition & Consumer Protection 2018-12-18 4:59 pm By Cat Fredenburgh

The government has given the ACCC a $35 million shot in the arm to bring more criminal cartel cases and investigate anti-competitive conduct.

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High Court to hear mortgage aggregator share transfer dispute
Corporate 2018-12-17 9:29 pm By Miklos Bolza

The High Court has granted special leave to mortgage aggregator Connective in a dispute between the firm’s founder and major shareholders over a transfer of one-third of the company’s shares, in a case that could clarify whether litigation should be considered a prohibited form of financial assistance under the Corporations Act.

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Judge spurs ASIC to mediate in NAB fees for no service case
Financial Services 2018-12-17 3:23 pm By Miklos Bolza

A judge has pushed the Australian Securities and Investments Commission into mediation with two NAB wealth management units in its case over $100 million in fees for no service, despite the regulator’s contention that mediation is not the best way to move the case forward.

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