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The corporate watchdog has warned “robust” enforcement action is on the cards for banks and lenders, after a review found consumer credit insurance policies to be "extremely poor value for money", paying out as little as 11 cents per dollar spent in premiums on average.
Failed lender PR Finance Group has been sued for $5 million in damages by owner Keybridge Capital and its liquidators after the company went under for breaching Australian credit laws.
The Australian Securities and Investments Commission is challenging the dismissal of its enforcement action against National Australia Bank contractor Whitebox Trading and sole director Johannes Boshoff, which accused them of market manipulation that resulted in a spike in the price of securities on the ASX-200 index in October 2012.
ANZ Bank has secured a stay of the corporate cop's civil penalties proceeding over disclosures related to its $2.5 billion equity capital raising while it fights criminal cartel charges related to the controversial share placement.
The Australian Securities and Investments Commission has asked a court to impose penalties of up to $36 million on an AMP subsidiary for failing to take reasonable steps to stop its representatives from churning life insurance policies.
ANZ Bank will repay in full customers who were charged fees for no service after the corporate regulator pulled the bank up on its practice of partially remunerating some clients as part of a remediation program.
The Australian Securities and Investments Commission has narrowly lost its High Court appeal of a ruling that found the owner of a South Australian outback general store had not acted unconscionably by selling used cars through a "book-up" system.
The Australian Securities and Investments Commission has lost its market manipulation action against Whitebox Trading and its director Johannes Boshoff, with the court finding it was "practically impossible" that any of the trades at the centre of the case were made for an illegitimate purpose.
Failed sandalwood oil producer Quintis has agreed to hand over insurance policies showing any coverage for potential liability it or its former CEO may have in two class actions brought against them.
The Australian Securities and Investments Commission is pushing back against an application by ANZ Bank to stay the regulator's civil penalties case over disclosures related to a $2.5 billion equity capital raising while it defends against criminal charges related to the controversial share placement.