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ASIC has found that customers have not been receiving the promised benefits of mortgage offset accounts and have been unknowingly paying more interest than they should have, with banks already paying out $55 million in compensation.
Electronics retailer Harvey Norman and consumer lender Latitude Finance have been socked with a total of $55 million in penalties for a misleading ad campaign seen by millions of Australians.
Two Deloitte reports commissioned by a Swiss law firm for Credit Suisse are protected by legal professional privilege despite access given to financial regulators investigating the collapse of supply chain financier Greensill.
Macquarie Group is conducting a review into the appointment of KPMG as its auditor, as the accounting giant reels from a whistleblower's accusations of client data breaches.
A financial firm director and brother of breakdancer 'Raygun' has reportedly been sentenced after pleading guilty to charges over funds suspected of being the proceeds of crime.
The litigation funder that backed a recently settled shareholder class action against the directors of collapsed mining company CuDeco and KPMG will seek a 35 per cent cut from the settlement.
A Singapore-listed company that acquired former ASX-listed coal miner Blackgold International is statute-barred from claiming that Blackgold’s former lead auditor should have detected fraudulent transactions in the company’s accounts.
KPMG has fined seven partners, some as much as $180,000, for misusing confidential client information in May.
ASIC has raised the prospect of criminal charges linked to the Shield Master Fund, after bringing civil penalty proceedings alleging up to $530 million in retirement savings was used for unauthorised purposes.
Investment manager Macquarie is the first to face a class action by investors who sank their super into the Shield and First Guardian Master Funds, with other investigations underway.