NAB has agreed to pay a $15.5 million penalty for failing to respond to customer hardship notices, around half the size of the penalty ASIC is seeking against Westpac for similar breaches of the Credit Code.
The Australian Securities and Investments Commission has launched action against Australian Unity, alleging it pumped more than $9.5 million into a risky mortgage scheme without properly vetting investors.
The boss of defunct stockbroking firm BBY has been hit with criminal charges over the acquisition of $192 million shares in mining company Aquila Resources.
The lead applicant in a failed class action against ex-NAB super trustee NULIS Nominees has lost his bid to stay a costs order of some $12.5 million pending an appeal.
Westpac’s mortgage subsidiary RAMS Financial Group faces penalty proceedings by the corporate regulator after admitting to “widespread” misconduct.
ASIC has expanded its case alleging HSBC failed to protect customers from scams, revealing a compliance manager at the bank had found that teams tasked with monitoring unauthorised transactions “had no understanding” of the liability provisions in the ePayments Code.
An email to lawyers at Clifford Chance relied on to show investor Fiona Lock’s understanding of a contested $150 million profit sharing deal with trading platform Pepperstone did not open the door to further correspondence.
ASIC has succeeded in overturning a decision that found that Qoin issuer BPS Financial came within the authorised representative exemption with respect to agreements with Australian financial services licence holder PNI.
The corporate cop has found “widespread” compliance plan failures in the managed investment fund industry, and says it is investigating some fund managers for potential breaches.
The corporate watchdog has brought proceedings against the former director of collapsed cryptocurrency exchange platform Blockchain Global for alleged violations of his directors duties.