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The Latest Breaking News from Sarah Court

Scams lawsuit sends a message to Australia's banks

The corporate cop has put the nation's banks on notice after filing a civil case against HSBC Australia over its alleged failure to stop $23 million in scams.

AAP

Not just Cbus: 10 largest super funds had thousands of complaints over death and disability claims

Data from the financial watchdog strongly supports Asic’s claim ‘there is a systemic issue’ across the superannuation sector, advocate says

The Guardian - AU

ASIC’s lawsuit against Cbus has put the big super funds on notice

Does your superannuation fund also provide you with insurance? Many of us are automatically enrolled without even realising. Now, the way super funds handle such claims has been thrust into the spotlight.

The Conversation

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Australia’s $3.9tn superannuation sector is under scrutiny. What sparked the Cbus scandal and what does it mean?

Asic has lodged federal court proceedings against Cbus after allegations the super fund failed its members ‘at their most vulnerable time’

The Guardian - AU

Regulator sues QBE over broken discounting promise

The Australian Securities and Investments Commission has launched civil proceedings against QBE over its discounting claims from 2017 to 2022.

AAP

Harvey Norman misled customers with 'interest-free' ads

Retail giant Harvey Norman misled consumers with a widespread ad campaign offering interest-free and no-deposit purchase options, the Federal Court has ruled.

AAP

ASIC lawsuit a warning shot to car dealerships

ASIC has said a case against a Sydney car dealership over excessive loans should be a warning to others in the industry that they too will be under scrutiny.

AAP

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The ‘symbiotic relationship’ that makes selling a house in Australia so damn expensive

Dimitri Chrisis thought he would save money by ditching his real estate agent, but instead it meant the advertising campaign on his suburban home would cost thousands more

The Guardian - AU

Australia's Financial Regulator Cracks Down On Over 600 Crypto Investment Scam Websites In 1 Year

Australia's ASIC has been on a year-long crackdown on investment scams, taking down websites that lure Australian consumers – among its targets in the crackdown were crypto investment scams.

International Business Times

Asic taking down average of 20 scam websites a day

Crypto scams accounted for 615 takedowns, the regulator says, as total number exceeds 7,300 in 12 months

The Guardian - AU

Lender fined $16m for overcharging vulnerable customers

An overseas-controlled credit provider has been fined $16 million for entering contracts with banned fees and overcharging Australian consumers.

AAP

Super fund misled consumers through 'greenwashing'

An Australian super fund engaged in "greenwashing" by falsely telling consumers it did not invest in coal mining, oil tar sands, gambling or Russian companies.

AAP

Auditor failed to meet ethical standards obligation: watchdog

ASIC also accepted the undertaking from his accounting firm.

The Canberra Times

Westpac to pay millions after 'unconscionable conduct'

After being taken to court by the corporate watchdog, Westpac has been penalised for engaging in in unconscionable conduct in 2016.

AAP

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AAP

Hefty fine for RACQ after misleading discounts

Insurer RACQ has been hit with a $10 million penalty in the Federal Court after potentially misleading customers about price discounts.

AAP

Mercer Financial fined $12m over fees for no service

Mercer admitted inadequate fee disclosures and to charging 761 clients a combined $4.7 million in fees for services they never received.

The Guardian - AU

Loan sharks taking advantage of desperate Australians amid cost-of-living crisis, Asic warns

Corporate watchdog says lenders targeting people with small, high-interest loans, leading to ‘debt spirals’

The Guardian - AU

PwC partner at centre of tax advice scandal banned by Asic for eight years

Financial regulator finds Peter John Collins is ‘not a fit and proper person to provide financial services’

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AAP

Insurance providers fined $13.5m for misrepresentations

Three insurers found to have misrepresented life, funeral and accidental injury coverage have been fined $13.5 million, with ex-boss Russell Howden also fined.

AAP

AMP and MLC fined millions for historic violations

AMP Group will pay $24 million and MLC has agreed to $10 million in fines after systems failures led to breaches in customer trust.

ABC News

Scam victims ask why they're paying the price if bank processes can be replicated so easily

Trina thought she was talking to her bank's fraud unit. Within minutes she had lost $114,000 to a scammer. As a new report from ASIC reveals the extent of such scams, victims are calling for banks to be more accountable.

ABC News

Big banks urged to repay scam victims as ASIC report slams inconsistent approach to losses

The big banks are under growing pressure to do more to prevent scams and repay victims after a report by the corporate regulator found they only compensate a tiny number of customers.

AAP

Court orders permanent injunction against 'ASX Wolf'

The Federal Court has issued a permanent injunction against a social media influencer who posted stock tips to paid subscribers.

The New Daily

ASIC sues Auto & General Insurance over ‘unfair’ home and contents terms

Auto & General Insurance has been hit with a landmark lawsuit over a contractual term alleged to have helped it refuse to pay consumer claims.

AAP

ASIC sues insurer over 'unfair' home and contents terms

The financial watchdog claims the terms of Auto & General's home and contents insurance allowed the firm to unfairly refuse customer claims.

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