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 Australian Securities and Investments Commission said Tuesday.
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 chief said Tuesday.
S&P Global Ratings has reached a settlement in an Australian class action by investors who bought toxic products rated healthy by the U.S. credit reporting agency ahead of the global financial crisis, a deal that includes over $4.6 million in legal fees.
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’ financial backgrounds when providing car loans.
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 wake of a Senate inquiry into the credit card market.
The Royal Bank of Scotland has reached a settlement in a consumer protection class action on the eve of trial in the Federal Court.
Australian consumers will soon be able to lodge grievances with a new body for resolving complaints with financial institutions.
A Federal Court judge on Friday signed off on $100 million in settlements between Australia’s securities regulator and National Australia Bank Ltd. and Australia & New Zealand Banking Group Ltd. for attempting to manipulate the market for the bank bill swap reference rate.
Citibank will provide refunds of $3.3 million to credit card customers for failing to refund them when their credit card accounts were closed with an outstanding credit balance.
The Australian Securities and Investments Commission has won a $1 million penalty against a financial advice firm for breaching the so-called best interest duty, the first ever penalty imposed for such a violation.