The corporate regulator has failed in its case targeting an individual insolvency practitioner for alleged illegal phoenix activity.
NAB has told a court it should pay a $2 million penalty — not the $10 million proposed by ASIC — for engaging in unconscionable conduct by overcharging customers, saying the exact words used in the regulator’s concise statement accuse it only of a single contravention.
Two home finance companies and their father-son directors have been hit with $150,000 in penalties after a judge found they failed to cooperate with the Australian Financial Complaints Authority in an ASIC enforcement action and subjected AFCA staff to “inappropriate and unprofessional behaviour.”
ASIC has lost a case accusing the Commonwealth Bank of Australia of hitting customers with $55 million in unauthorised fees, with a judge finding that nearly 1 million customers charged the fees should have known that even banks “sometimes make mistakes”.
A court has found National Australia Bank engaged in unconscionable conduct in knowingly overcharging thousands of customers periodic payment fees for four years.