AMP, Asteron and Westpac have been singled out by ASIC for having higher than expected decline rates for total and permanent disability life insurance claims, in a new review by the corporate watchdog that also revealed a “concerningly high” 60 per cent rejection rate for some narrowly defined policies.
The Australian Prudential Regulation Authority will not challenge a Federal Court ruling that dismissed its case against fund manager IOOF as “unpersuasive”, “fundamentally inadequate” and “tenuous in the extreme”.
Commonwealth Bank subsidiary Colonial First State and former director Linda Elkins face a class action alleging the wealth management group breached its superannuation trustee duties by failing to promptly transfer $3.2 billion of default members’ funds to a lower-cost, high-performing MySuper product.
A judge has hit pause on National Australia Bank’s case against Helen Rosamond’s executive services company Human Group over an alleged $42.4 million fraud against the bank, amid an ongoing criminal case against Rosamond.
Corrs Chambers Westgarth has been retained by the AMP Financial Planners Association to weigh a possible class action against the wealth manager over its plan to cut the number of authorised advisers and retreat from a promise to buy back their businesses at a set multiple.
ANZ has rejected allegations by the financial regulator that $35 million in fees charged to customers for periodical payments between accounts was unlawful, saying the regulator’s case extended the scope of false and misleading representation claims.
US asset management firm State Street has dropped its trade mark claims against a second superannuation fund over its iconic Fearless Girl statue, leaving law firm Maurice Blackburn as the lone defendant as a November trial date approaches.
The ACCC will immediately commence a wide-ranging homes loans inquiry at the direction of the Federal Government, including an investigation into the banking sector’s refusal to pass on interest rate cuts to consumers in full.
The High Court has shut down a lawsuit by mortgage aggregator Connective Services over the transfer of one third of the company’s shares after finding the proceeding prejudiced shareholders and contravened the Corporations Act.
Three former directors of billion-dollar financial advisory firm Linchpin Capital Group will face two days of questioning in examination proceedings filed on behalf of an investor five months after the company was wound up for running an unregistered investment scheme and misleading investors.