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Australia's largest financial services institutions have paid or offered to pay more than $882 million to remediate customers affected by their fees for no service conduct, the Australian Securities and Investment Commission has revealed.
New laws aimed at regulating litigation funders are due to commence on Saturday, but Treasurer Josh Frydenberg is keeping a lid on four emails exchanged with the watchdog in the days leading up to the decision to bring in the sweeping changes.
The Australian Securities and Investments Commission has launched proceedings against a subsidiary of wealth manager IOOF over its alleged failure to have adequate cyber security systems in place.
The Australian Securities and Investments Commission has launched civil penalty proceedings against superannuation fund StatePlus over fees allegedly charged for services that were not provided to tens of thousands of members.
Two Westpac units have made admissions and said they would not defend proceedings brought by the Australian Securities and Investments Commission over fees charged for services that were not provided to hundreds of financial advice customers.
A court has approved a $2.9 million penalty against medical booking platform HealthEngine after the company admitted to deleting and altering unfavourable reviews and misusing consumer data.
Google’s open letter to Australians, containing dire warnings about the effects of a proposed news media bargaining code, is misleading, the head of Australia’s consumer watchdog has said.
A court has ordered the winding up of Askk Investment Group and the unregistered managed investment scheme it operated in Beveridge, Victoria, that raised more than $11 million from investors.
The judge overseeing ASIC's case against logistics provider GetSwift cannot draw any inferences against the company because directors Bane Hunter and Joel Macdonald did not give evidence at trial, GetSwift's barrister has said during closing submissions in the case.
A judge has appointed provisional liquidators to investment firm Mayfair 101 and has banned director James Mawhinney from transferring any assets out of Australia, after the corporate regulator told the court Mawhinney could face criminal charges.