ASIC is using its product intervention power to end a practice that has to date enabled payday lenders to charge fees up to 1000% of the loan amount.
The move is aimed at increasing transparency and accountability in the financial sector, which will also enhance consumer confidence.
Of 105 investigations and court actions underway against financial institutions at the end of July, 86 related to the big four banks and AMP.
AFCA ombudsman Shail Singh says legacy complaints will be assessed against laws, industry practices and applicable standards in force at the time of the misconduct.
A former baseball star and member of Japan’s Parliament was allowed to continue trading derivatives despite persistent margin shortfalls over about 9 months.
ASIC says last month’s federal court’s ruling in favour of Westpac creates uncertainty as to what is required for a lender to comply with its loan assessment obligations.
Voice recording was inadvertently not enabled on some private banking service lines, resulting in over 5,800 client order instructions not being tape-recorded.
AUSTRAC says Compass Global Holdings failed to report international funds transfers between 2018 and 2019.
The Securities Appellate Tribunal cited a lack of evidence against PwC, and said SEBI had no jurisdiction to impose the ban in the first place.
ASIC says the terms in Bank of Queensland and Bendigo and Adelaide Bank loan contracts could cause detriment to small businesses.