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The Australian Competition and Consumer Commission said it is well positioned to investigate competition in the financial sector, in response to a recent report calling for a dedicated financial services competition regulator.
The Bank of Queensland has reached a settlement close to trial in a class action brought by investors in a multi-million dollar Ponzi scheme masterminded by jailed scammer Bradley Sherwin.
It might be in the glare of a government inquiry, but business is booming for Australian litigation backer IMF Bentham, which values its current caseload at $4.7 billion.
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 action taken by the corporate regulator through a project that uses data to target bad life insurance advisers.
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 action lawyers have told a court.
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 on the company's novel argument that a settlement resulting from mediation could count as the outcome of litigation in awarding costs.
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 in the related class action.
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 almost $67,000 in fees for advice he never gave.
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.