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Independence of Clayton Utz report questioned at Royal Commission
Clayton Utz April 17, 2018 11:11 am By Christine Caulfield

The independence of a report by law firm Clayton Utz to ASIC over AMP’s practice of charging customers for services not performed was called into […]

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Commonwealth Bank to pay $3 million over fees for no service
Financial Services April 16, 2018 9:51 pm By Cat Fredenburgh

Two Commonwealth Bank subsidiaries have entered an agreement with ASIC to pay $3 million for failing to provide annual reviews to customers that paid for […]

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Cos. to face new penalties for manipulating financial benchmarks
Financial Services March 29, 2018 8:57 am By Cat Fredenburgh

Companies that manipulate financial benchmarks will face specific civil and criminal penalties under changes to the law made by the government today, in the wake […]

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ASIC to crack down on unfair lending contracts
Financial Services March 15, 2018 4:49 pm By Christine Caulfield

ASIC put banks and other lenders on notice Thursday that unfair lending contracts aimed at small business will be an enforcement priority for the securities […]

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ASIC wins $1M in first fine for breach of best interests
Competition & Consumer Protection October 30, 2017 9:38 pm By Cat Fredenburgh

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 […]

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Shine joins AMP class action frenzy
Shine Lawyers May 17, 2018 10:19 pm By Miklos Bolza

Beleaguered financial institution AMP is facing yet another shareholder class action with Shine Lawyers joining three other law firms in what is shaping up to […]

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AMP vows to defend two shareholder class actions
Class Actions May 10, 2018 10:28 pm By Christine Caulfield

AMP says it will “vigorously defend” two class actions by shareholders in the wake of scandalous revelations at the Royal Commission that led to a […]

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Commonwealth Bank to pay $25 million to settle rate rigging case
Financial Services May 9, 2018 2:39 pm By Cat Fredenburgh

Commonwealth Bank has agreed to pay $25 million to settle claims by the securities regulator that it manipulated the bank bill swap rate. As part […]

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Financial complaints board takes shape
Competition & Consumer Protection May 2, 2018 4:36 pm By Cat Fredenburgh

The Australian Financial Complaints Authority is gearing up for a launch later this year, with four new board members announced this week. The Hon Kelley […]

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Ex-Storm Financial execs appeal penalty
Securities April 27, 2018 10:19 pm By Cat Fredenburgh

The former directors of defunct financial advisory firm Storm Financial have filed an appeal after the Federal Court slapped them each with a $70,000 fine […]

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