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| | MONDAY, 13 JUL 2020 12:34PMThe Senate Parliamentary Joint Committee, Corporations and Financial Services looking into litigation funding and the regulation of the class action industry sparked a heated debate today.|
|A fourth person has been sentenced to four years imprisonment for their role in a syndicate that allegedly defrauded the Commonwealth of over $105 million.|
|Australia's banks will defer repayments on loans for an additional four months, in a bid to avoid a 'fiscal cliff' in September and aid in the country's economic recovery.|
|A major financial institution has been hit with a US$150 million fine over its relationship with sex offender Jeffrey Epstein.|
|In an action filed in the Federal Court ANZ has been accused of throwing a whistleblower under the bus, paying a fine as "hush money" and "virtue signalling" following ASIC's investigation into ANZ's alleged manipulation of the bank bill swap rate.|
|APRA has imposed licence conditions on Colonial First State Investments Limited to ensure super members' best interests are met, effective immediately.|
|As the new financial year began, Treasurer Josh Frydenberg clarified the stimulus measures the government will use to assist Australians in the recovery from the COVID-19 pandemic.|
|Law firm Slater and Gordon has slammed AMP chief executive Francesco De Ferrari's criticism of litigation funding and class actions, as AMP continues to battle lawsuits sparked by the Royal Commission.|
|The Australian Financial Complaints Authority has reported a 13.7% rise in monthly complaints in the last financial year with most being about superannuation, insurance claims and credit.|
|ASIC has banned a former foreign exchange broker from the industry for three years, after it was found he was not fit to provide financial services and had not complied with related laws.|
Pendal Group has made year-long fee cuts on two funds, as it sees the Reserve Bank of Australia holding the cash rate at the record-low of 0.25%.
Standard & Poor's has downgraded AMP Limited's credit rating from BBB+ to BBB, with all AMP Group entities on CreditWatch with negative implications.
ME Bank chief executive Jamie McPhee has resigned after weathering scrutiny over the bank's adjusting of redraw facilities for mortgage customers and its relationship with the industry funds that own it.
At a time when many Australians are engaging directly with their superannuation fund for the first time, member satisfaction appears mixed, with two separate surveys producing some opposing views.
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