Enforcement

Enforcement

ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance

By Editors | 12/07/2019

ASIC plans to take “significant enforcement action” against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.

Enforcement

UPDATED – Japan Post Vows to Compensate Customers for Mis-sold Insurance

By Editors | 11/07/2019

Some 93,000 cases were found where customers were left uninsured due to inappropriate sales tactics, paid double premiums, or were denied coverage for paid up insurance policies.

Enforcement

ANZ Agrees to Settle 2010 Fees-Related Class Action for A$1.5m

By Editors | 11/07/2019

Under the proposed settlement, which is subject to Federal Court approval, ANZ customers who were charged a fee for failing to make scheduled payments between two of their accounts will be able to claim refunds.

Enforcement

Singapore Convicts Three Front-Runners Under Insider Trading Laws

By Editors | 11/07/2019

Two First State equity dealers told a UOB Kay Hian remisier about their firm’s intended orders to front-run trades in 100 counters, leading to over S$8mn in insider trading profits over 8 years.

Enforcement

SFC Fines Celestial Commodities for Mishandling Client Money

By Editors | 10/07/2019

Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.

Enforcement

ASIC to Target Short Term Credit Industry With New Powers

By Editors | 10/07/2019

Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC’s proposed first use of its new product intervention power.

Enforcement

Chinese Payments Provider Caught Embezzling Funds – Report

By Editors | 10/07/2019

China-based UCF Pay, a subsidiary of Hong Kong-listed Chong Sing Holdings, reportedly used client funds for other purposes, causing a shortfall of ¥240mn.

Enforcement

Punjab National Bank Detects $550mn Fraud by Indian Steelmaker

By Editors | 09/07/2019

Punjab National Bank says Bhushan Power & Steel misappropriated bank funds and manipulated its books to raise funds from lenders.

Enforcement

ICBC Shanghai Branch Deputy Under Investigation – Report

By Editors | 09/07/2019

Regulators have reportedly found ICBC’s Shanghai branch deputy head to be in violation of regulations related to fundraising and buying wealth management products.