AMP has been hit with a cliass action by a group of financial planners over changes to its buyer of last resort policy last year, which cut the number of authoried advisers and retreated from a promise to buy back their businesses at a price based on a set multiple.
A court has granted ASIC’s bid to wind up an illegal managed investment scheme whose operators fled to India following the “systematic misappropriation” of almost $7 million in investor funds.
A lawsuit by iSignthis seeking over $27 million in damages from the ASX has been sent back for revision, after a judge found the fintech had failed to causally link how a report by the exchange led to lost contracts with five clients.
Westpac anti-money laundering compliance troubles continue to worsen, with the bank reporting an additional 365,000 incomplete or inaccurate threshold transaction reports to AUSTRAC.
A senior officer from the ACCC has rejected claims that the regulator took legal advice from immunity applicant JPMorgan before launching its high profile criminal cartel case against ANZ, Citigroup and Deutsche Bank.
AMP Life has been hit with a class action alleging its financial representatives pushed inflated insurance policies onto 100,000 customers while knowing that better policies could be found through other providers.
A former high-ranking Deutsche Bank executive charged with involvement in an alleged cartel agreement relating to a $2.5 billion ANZ share placement claims he was dragged into the case becaused of the “incredibly slapdash” methods of the ACCC.
ANZ Banking Group has slammed a decision by the ACCC to escalate concerns that one of its key cartel witnesses was not being “full and frank”, claiming this was a way to put pressure on the witness and bring his evidence into line.
Federal police have charged 12 members of an alleged sophisticated criminal syndicate, including construction industry figure George Alex, which authorities say enlisted the help of financial industry experts and former bankers to pull off a $17 million fraud.
Commonwealth Bank’s wealth management unit Colonial First State has admitted misleading conduct in certain calls to superannuation members, but has otherwise denied claims by the corporate watchdog that it misled over 12,000 fund members during the transition to MySuper accounts.