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ASIC bans fourth NAB banker over home loan fraud scam
Financial Services 2018-10-08 11:01 pm By Christine Caulfield

Former National Australia Bank branch manager Mathew Alwan has been permanently banned from the financial services industry for his involvement in a home loan fraud ring in greater western Sydney.

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Judge puts ASIC ‘fees for no service’ case against NAB on fast-track
Financial Services 2018-10-08 10:56 pm By Miklos Bolza

A Federal Court judge has put ASIC’s first fees for no service case, brought against two units of National Australia Bank’s wealth management division, on an expedited timetable, saying the case was not new territory for the bank.

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MyBudget denied costs in ‘public interest’ class action
Class Actions 2018-10-08 10:48 pm By Cat Fredenburgh

A Federal Court judge that threw out a consumer class action against MyBudget has denied the budget management company’s bid for costs, finding the case was brought in the public interest.

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Ponzi schemer’s co. to face claims in Westpac class action
Class Actions 2018-10-08 8:28 pm By Cat Fredenburgh

A Federal Court judge has allowed the plaintiffs in a class action alleging a unit of Westpac failed to detect the fraud of convicted Ponzi schemer Michael Samra to proceed with their claims against Samra’s defunct company.

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Closely watched criminal cartel case against banks gets underway
Competition & Consumer Protection 2018-10-08 12:14 pm By Cat Fredenburgh

The stakes will be high for both sides when some of the country’s top competition lawyers face off against the ACCC Tuesday in the first hearing in a closely watched criminal cartel case against three investment banks over a $2.5 billion ANZ institutional share placement.

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Metricon pays ASIC fine for misleading first home buyers
Real Estate 2018-10-03 10:25 pm By Christine Caulfield

Housing giant Metricon will pay $50,400 in penalties after being hit with four infringement notices for misleading advertising aimed at first home buyers. 

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Gold Coast financial adviser loses defamation case over online comments
Defamation 2018-10-03 4:59 pm By Miklos Bolza

A Gold Coast-based derivatives trading firm has lost a defamation case against an online investment forum over critical comments warning potential investors against using the company.

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ACCC to probe foreign exchange fees
Competition & Consumer Protection 2018-10-02 5:46 pm By Cat Fredenburgh

The ACCC has opened an inquiry into the inordinately high exchange fees consumers face when sending money outside Australia.

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Blue Sky reveals $4.1M in incorrectly charged fees
Securities 2018-10-02 12:43 am By Cat Fredenburgh

Investment manager Blue Sky, which is currently facing three shareholder class action investigations, has admitted to incorrectly charging $4.1 million in fees to certain funds over a ten-year period.

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AMP may have misled ASIC about Clayton Utz report, Hayne says
Financial Services 2018-09-28 11:12 pm By Christine Caulfield

AMP may have misled the corporate watchdog about the independence of a report by Clayton Utz into its fees for no service policy, Royal Commissioner Kenneth Hayne has found.

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