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Citibank repays cardholders $4.3M
Financial Services November 9, 2017 12:51 pm By Cat Fredenburgh

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 […]

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ASIC bans life insurance adviser for 5 years
Financial Services February 23, 2018 8:54 pm By Cat Fredenburgh

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 […]

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Westpac faces new claim in life insurance class action
Class Actions February 23, 2018 8:39 pm By Cat Fredenburgh

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 […]

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S&P settles Lifeplan class action over CDOs ratings
Class Actions February 20, 2018 12:39 pm By Cat Fredenburgh

S&P Global Ratings has reached a settlement in an Australian class action by investors who bought collateralised debt obligations rated healthy by the U.S. credit […]

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ANZ fined $5M over lending practices
Competition & Consumer Protection February 16, 2018 11:44 am By Cat Fredenburgh

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’ […]

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New law targets predatory credit card lending
Competition & Consumer Protection February 16, 2018 10:13 am By Cat Fredenburgh

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 […]

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Banks pay $21.4M to consumers for bad financial advice
Financial Services February 21, 2018 8:46 pm By Cat Fredenburgh

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 […]

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ACCC to pursue big biz with bigger fines
Competition & Consumer Protection February 20, 2018 3:26 pm By Christine Caulfield

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 […]

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Royal Bank of Scotland settles class action at 11th hour
Securities February 15, 2018 4:03 pm By Cat Fredenburgh

The Royal Bank of Scotland has reached a settlement in a consumer protection class action on the eve of trial in the Federal Court. The […]

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ASIC, banks delay rate rigging trial again as talks continue
Competition & Consumer Protection October 25, 2017 11:06 am By Cat Fredenburgh

The trial against three of Australia’s biggest banks over alleged interest rate rigging was pushed back again on Wednesday after lawyers for National Australia Bank […]

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