A former NAB financial adviser has been permanently banned from providing financial services after an ASIC investigation found he fleeced clients out of at least $2 million.
The independence of a report by law firm Clayton Utz to ASIC over AMP’s practice of charging customers for services not performed was called into question Tuesday at the Hayne Royal Commission.
Two Commonwealth Bank subsidiaries have entered an agreement with ASIC to pay $3 million for failing to provide annual reviews to customers that paid for the service, adding to the $88 million they have already paid out to 31,500 affected customers.
The applicants in a class action against Johnson & Johnson over allegedly defective vaginal mesh products have won court approval to expand the size of the class and seek an order blocking the sale of devices that don’t include a proper warning.
Consumer goods maker Pental Ltd will pay $700,000 in penalties after admitting it misled customers about its ‘flushable’ White King toilet and bathroom cleaner wipes.
Kitchen appliance company Thermomix has been hit with a $4.6 million penalty for failing to warn customers of the risk of serious burns associated with its high-end mixer.
Federal Court Justice Michael Lee has again weighed in on the use of cost consultants to assess legal fees in class actions, saying that they should be “consigned to the dustbin of procedural history.”
The Australian consumer regulator has questioned the long-term commercial viability of the NBN, saying consumers may lose their appetite for increased broadband speeds when the network’s prices go up.
The Privacy Commissioner on Thursday opened an investigation of Facebook on the heels of confirmation by the social media giant that the data of over 300,000 Australian users may have been improperly harvested.
The head of the Australian Competition and Consumer Commission said Thursday that when it comes to mortgage prices, the behaviour of Australia’s big four banks looks more like synchronised swimming than vigorous competition.