ASIC plans to take "significant enforcement action" against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.
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.
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.
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.
Celestial Commodities Limited may have been using client money to pay commission rebates for up to 20 years for the sake of operational convenience.
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.
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.
Punjab National Bank says Bhushan Power & Steel misappropriated bank funds and manipulated its books to raise funds from lenders.
Regulators have reportedly found ICBC's Shanghai branch deputy head to be in violation of regulations related to fundraising and buying wealth management products.
The trades involved overnight bond repo transactions in the interbank market at prices below normal market rates.
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