Aware Financial Services Australia charged over 25,000 customers over AUD 50 million in fees for financial services it did not provide.
February 23, 2022Westpac has already agreed to admit to the allegations, remediate A$80mn to customers, and pay A$113mn in penalties, subject to court approval.
November 30, 2021Commonwealth Bank plans to plead guilty to making false or misleading representations to customers about insurance policies.
September 17, 2021NAB charged fees for personal advice without providing customers fee disclosure statements, providing them late, or containing false misleading information.
August 27, 2021Bank of Queensland has been ordered to replace unfair contract terms in all standard form contracts with small business customers entered into from November 2016.
August 16, 2021Two firms repeatedly engaged in disruptive, aggressive and uncooperative behaviour toward AFCA, a civil penalty offence since April 2019.
August 6, 2021A proposed February 2022 trial date will not be feasible as Westpac will have to be allowed sufficient time to review expert evidence.
August 2, 2021Westpac will pay A$3mn in civil penalties for BT Funds Management and Asgard Capital Management in proceedings commenced by ASIC in August 2020.
July 30, 2021ASIC’s appeal seeks judicial clarification on the operation of key obligations under the National Credit Act and National Credit Code.
July 28, 2021ASIC says Westpac traded interest rate derivatives to pre-position itself while knowing it would be selected to execute a A$12bn interest rate swap hours later.
May 6, 2021