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Regulatory

Westpac refunds $9.2 million in unfair fees

JAMIE WILLIAMSON  |  TUESDAY, 13 SEP 2016
About $9.2 million has been refunded by Westpac after more than 160,000 customers were wrongfully charged inapplicable account fees.

ASIC cancels AFSL, bans responsible managers

DARREN SNYDER  |  FRIDAY, 9 SEP 2016
ASIC recently cancelled the Australian financial services licence of Brisbane-based education and training business, The Sharemarket College.

Unclear disclosure leads to $20 million in refunds

JAMIE WILLIAMSON  |  THURSDAY, 8 SEP 2016
Westpac has been forced to refund approximately $20 million in wrongfully charged credit card fees.

Fears of increased compliance costs misguided

JAMIE WILLIAMSON  |  THURSDAY, 8 SEP 2016
A financial services technology firm says transparent risk and governance measures have always been fundamental to the delivery of 'true' digital financial advice.

Morgan Stanley pays $123,750 penalty

KERRIE SYDEE  |  WEDNESDAY, 7 SEP 2016
Morgan Stanley Australia has paid a penalty of $123,750 to comply with an infringement notice handed down by the Markets Disciplinary Panel (MDP).

ANZ to refund millions in unlawfully charged fees

JAMIE WILLIAMSON  |  TUESDAY, 6 SEP 2016
ANZ must refund $28.8 million to customers after failing to clearly disclose when certain periodical payment fees would apply.

CommSec hit with $700,000 fines

ALEX BURKE  |  FRIDAY, 2 SEP 2016
CommSec has paid $700,000 in infringement notice penalties and voluntarily refunded $1.1 million in brokerage.

Ostrava wound up, directors banned

KERRIE SYDEE  |  FRIDAY, 2 SEP 2016
The federal court in Melbourne has made orders winding up Ostrava Equities and eight other companies associated with the Ostrava financial services business.

Good financial advice a challenge: ASIC

KERRIE SYDEE  |  FRIDAY, 2 SEP 2016
ASIC has published its Corporate Plan for 2016-17, which notes the industry still faces challenges in providing "good quality" financial advice.

Capital not enough to prevent failures

KERRIE SYDEE  |  WEDNESDAY, 31 AUG 2016
A lone reliance on capital is an "unwise strategy", according to APRA chair Wayne Byres who said the industry must accept and prepare for failures in the banking industry.