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The Australian arm of French investment banking giant Societe Generale is facing four criminal charges for allegedly failing to comply with its obligations to keep client money in separate bank accounts.
Two units of AMP have paid a $536,000 penalty for failing to report derivative transactions, with the Australian Securities and Investments Commission slamming the company for "serious inadequacies" in its reporting processes.
The corporate cop has brought legal proceedings against the Commonwealth Bank's wealth management unit claiming it made misleading or deceptive statements to over 12,000 fund members during the transition to MySuper accounts.
The corporate watchdog has brought two post-Hayne Commission proceedings against the Commonwealth Bank of Australia, alleging it upped the credit limit of a known problem gambler and overcharged more than $8 million in fees on its agricultural lending products.
Westpac has been hit with another class action over alleged anti-money laundering breaches, teeing up a high-stakes beauty parade over which firm will lead the class action against the bank.
The Australian Securities and Investments Commission has scored a victory before the High Court, with the court unanimously finding that the term "officer" under the Corporations Act is not limited to those that hold official positions within a company.
An individual claimant accusing AMP Financial Planning of ignoring multiple attempts to gain remediation for alleged insurance re-writing conduct was granted permission to voice his displeasure in court, while ASIC and AMP grapple with the details of a remediation program for insurance churn victims.
The Australian Stock Exchange has denied claims by ISignthis that it suspended the fintech company's shares without warning and at the direction of ASIC, but has admitted that it told the company it would consult with the securities regulator before lifting the ongoing suspension.
Slater and Gordon has expanded its Get Your Insurance Back campaign, launching class actions against ANZ and Westpac over allegedly worthless consumer credit insurance, just three months after it reached a $49.5 million settlement with NAB in a class action over similar insurance.
ASIC has notched up a win against derivative issuer AGM Markets and two of its authorised representatives, with a court finding they engaged in misleading, deceptive and unconscionable conduct that caused investor losses of over $30 million.