asic

ASIC has permanently banned former Sentinel Wealth financial adviser Gavin Fineff, after he was charged with misappropriating between $3.3 and $5 million of client money. On May 7, Fineff was arrested and charged by New South Wales Police with 18 offences ... More

ASIC has taken Federal Court action against AMP for allegedly charging more than 2000 deceased clients insurance premiums and financial advice fees after being notified of their death. The action relates to five companies that are or were subsidiaries ... More

ASIC is taking Westpac to the Federal Court, alleging it sold junk credit insurance to 384 customers that did not want it and whose accounts were unlawfully debited to pay for the premiums. The corporate regulator has exposed dodgy sales of add-on insurance ... More

The Federal Court has imposed a $7 million penalty on Commonwealth Bank for charging higher interest rates on business overdraft accounts than what it advised its customers over a four-year period. Following an investigation by ASIC, CBA admitted to ... More

ASIC has dropped all 38 charges it was pursuing against missing woman and self-proclaimed financial adviser Melissa Caddick. The regulator was pursuing criminal charges against Caddick, who has been missing since November last year. The charges included ... More

Commonwealth Bank of Australia (CBA) has become the first bank to roll out a buy now pay later (BNPL) platform, but advocate groups warn that these services pose an unregulated debt trap. BNPL gives consumers the ability to pay for goods or services ... More

ASIC has commenced civil proceedings against CommSec and AUSIEX in the Federal Court. CommSec overcharged brokerage fees to customers on 120,933 occasions totalling $4,352,194 between August 2010 and February 2020, ASIC alleges and CommSec has admitted. ... More

In what a US court judgement called "one of the biggest blunders in banking history", Citigroup mistakenly repaid $US900 million in loan principal to a consortium of lenders years before it was due. When Citi asked for it back the lenders and court ... More

The Federal Court has found Commonwealth Bank of Australia made false or misleading statements and engaged in deceptive conduct on more than 12,000 occasions. Justice Michael Lee found that CBA breached financial services law 12,119 times when charging ... More

Bond investment scams are on the rise, warns the Australian Securities and Investment Commission (ASIC). Scammers call up unsuspecting investors offering high-yield bonds. ASIC has been aware of two outfits running the scams here in Australia and two ... More