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Showing 321 - 330 of 688 results for "Penalty"

Delay breach reporting law: AFA

KARREN VERGARA  |  FRIDAY, 16 APR 2021
... breaches in 2020, would equate to 198 reports under the new regime. "Their feedback suggests that the exclusion of civil penalty matters for the failure to deliver an FSG and a PDS would only marginally decrease the number of breaches that would need ...

CBA to pay $7m for overcharged interest

ANNABELLE DICKSON  |  THURSDAY, 8 APR 2021
The Federal Court has imposed a $7 million penalty on Commonwealth Bank for charging higher interest rates on business overdraft accounts than what it advised its customers over a four-year period. Following an investigation by ASIC, CBA admitted to ...

ASIC sues CBA over monthly fees

ANNABELLE DICKSON  |  THURSDAY, 1 APR 2021
... who met criteria that entitled them to fee waivers throughout 1 June 2010 and 11 September 2019. The court can impose a penalty for the period between 1 April 2015 and 11 September 2019 and ASIC alleges CBA incorrectly charged monthly access fees on ...

Mayfair found to have misled

ELIZABETH MCARTHUR  |  WEDNESDAY, 24 MAR 2021
... divert them to the defendants' websites." ASIC is seeking pecuniary penalties, injunctions, and corrective advertising. A penalty hearing is yet to be listed by the Court. "ASIC's success in court today demonstrates firms need to do the right thing by ...

ANZ, CBA settle class action

ANNABELLE DICKSON  |  MONDAY, 22 MAR 2021
... settlement is not material. In 2018, CBA paid $25 million to settle its BBSW scandal with ASIC which included $5 million penalty, $15 million to a financial consumer protection fund and $5 million to ASIC for its litigation and investigation costs. ANZ ...

Westpac exec goes part-time

ANNABELLE DICKSON  |  TUESDAY, 9 MAR 2021
... support." Westpac has been embroiled in several legal matters recently besides the AUSTRAC matter where Westpac paid a civil penalty of $1.3 billion relating to breaches of anti-money laundering and counter terrorism laws. The bank also had its appeal ...

Dover, McMaster hit with $1.4m penalty

KARREN VERGARA  |  FRIDAY, 5 MAR 2021
... ordered to pay over $1.4 million in penalties by the Federal Court of Australia. Justice O'Bryan imposed a $1.2 million penalty on the defunct financial advice firm based on 19,402 contraventions brought against it by ASIC - one contravention for ...

ASIC drags CommSec to court

ELIZABETH MCARTHUR  |  MONDAY, 1 MAR 2021
... this through the Markets Disciplinary Panel but given the severity and duration of the breaches ASIC is seeking a civil penalty. CommSec has appeared before the Markets Disciplinary Panel seven times since 2012, receiving fines total more than $1 million. ...

ASIC takes NAB to court

KANIKA SOOD  |  THURSDAY, 25 FEB 2021
... yesterday filed initial documents with the Federal Court's Queensland registry, seeking orders that NAB pay a pecuniary penalty and ASIC's costs. The matter relates to "periodic payments" fees (PP fees), which NAB charged its customers in personal and ...

Westpac prioritises risk management

KARREN VERGARA  |  WEDNESDAY, 17 FEB 2021
... update this morning. As the AUSTRAC matter concludes and ASIC is no longer taking further action after Westpac paid a civil penalty of $1.3 billion relating to breaches of anti-money laundering and counter terrorism laws, the bank flagged it is still ...