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NAB ordered to pay ‘woefully insufficient’ penalty in ASIC fee case
Financial Services 2023-09-22 10:02 am By Cindy Cameronne

A judge has ordered National Australia Bank to pay just one-fifth the $10 million penalty proposed by ASIC for overcharging customer fees, taking aim at […]

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ASIC takes Kraken crypto exchange operator to court
Cryptocurrency 2023-09-21 1:29 pm By Christine Caulfield

The corporate regulator has brought proceedings against the Australian provider of the Kraken crypto exchange, alleging it breached design and distribution obligations for a margin […]

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ASIC alleges AustralianSuper caused $69M in member losses
Financial Services 2023-09-08 11:00 pm By Cat Fredenburgh

The corporate regulator has taken the country’s largest superannuation fund, AustralianSuper, to court for allegedly causing $69 million in losses to customers by failing to […]

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ME Bank pleads guilty to misleading borrowers, says crime didn’t hurt anyone
Financial Services 2023-09-07 11:00 pm By Sam Matthews

Direct bank Members Equity has pleaded guilty to criminal charges over misleading representations to customers, but a judge has questioned the bank’s submissions in favour […]

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PayPal taken to court over 60-day deadline for complaints
Financial Services 2023-09-07 12:54 pm By Sam Matthews

The corporate regulator has filed a suit against fintech giant PayPal over a term in its contracts with small businesses that sets a deadline for […]

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ASIC wins case against digital lender Ferratum
Financial Services 2023-09-07 11:41 am By Cindy Cameronne

The Australian Securities and Investments Commission has won its case against Finnish microloan company Ferratum alleging it overcharged vulnerable, low-income consumers during the height of […]

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ASIC flags penalty privilege fight with Nuix directors
ASIC 2023-09-06 10:12 pm By Sam Matthews

As it readies its civil penalty suit against tech company Nuix for trial, ASIC has flagged a possible dispute about the extent of penalty privilege […]

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Westpac sued by ASIC for ignoring financial hardship claims
Financial Services 2023-09-05 6:38 am By Christine Caulfield

ASIC has brought court action against Westpac for allegedly dropping the ball on financial hardship claims by customers, some of whom had property seized or […]

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ASIC has ‘limited success’ in case against funeral insurer, wins $1.2M penalty
Competition & Consumer Protection 2023-09-05 11:13 pm By Christine Caulfield

A judge has order ACBF Funeral Plans to pay $1.2 million for misleading its First Nations customers, a penalty less than one-fifth the fine sought […]

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Despite conflicts, ASIC loses fight over insolvency partners’ remuneration
Restructuring & Insolvency 2023-09-01 11:04 pm By Christine Caulfield

Two former Ferrier Hodgson partners had conflicts of interest when they accepted appointments as administrators of a failed pig farm operation, an appeals court has […]

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