The Federal Court has found four companies that are or were part of the AMP Group breached the law when charging life insurance premiums and advice fees from the superannuation accounts of more than 2,000 deceased customers. The Federal Court ordered two of these AMP companies to pay a combined penalty of $24 million for...
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MLC Life Insurance penalised $10 million for misleading customers and failing to provide benefits
The Federal Court has ordered MLC Limited (MLC) pay a $10 million penalty for failing to pay promised benefits, resulting from a lack of appropriate systems to administer its insurance policies. The Court also made declarations that MLC had contravened the ASIC Act, the Corporations Act and the Insurance Contracts Act for failures to: pay...
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FCA and PSR Boards appoint new members to decision-making committees
The FCA and PSR Boards have appointed two new Deputy Chairs – Margaret Obi and Edward Sparrow – to the FCA’s Regulatory Decisions Committee (RDC) and the PSR’s Enforcement Decisions Committee (EDC). These 2 committees are responsible for taking certain regulatory decisions on behalf of the FCA (Financial Conduct Authority) and PSR (Payment Systems Regulator)....
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FCA and PSR Boards appoint new members to decision-making committees
The FCA and PSR Boards have appointed two new Deputy Chairs – Margaret Obi and Edward Sparrow – to the FCA’s Regulatory Decisions Committee (RDC) and the PSR’s Enforcement Decisions Committee (EDC). These 2 committees are responsible for taking certain regulatory decisions on behalf of the FCA (Financial Conduct Authority) and PSR (Payment Systems Regulator)....
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Saxo Capital Markets amends TMDs following ASIC stop orders
ASIC made eight interim stop orders on 16 May 2023, preventing Saxo Capital Markets (Australia) Limited (Saxo) from issuing some new contracts for difference (CFDs) to retail clients because of deficiencies in their target market determinations (TMDs). The orders were revoked on 18 May 2023, after Saxo amended the TMDs to address ASIC’s concerns. The...
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FCA secures £130,000 to return to investors
Members of the public who invested in an unauthorised collective investment scheme established and operated by Synergy Land Group Limited, between late 2009 and May 2011, will now receive money back after the High Court granted a distribution order to the FCA. The FCA has recovered approximately £27,000 after Samuel Exall, Synergy’s Director, was ordered...
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Help is available for those who need it, says FCA
The number of adults who missed bills or loan payments in at least three of the last six months has also gone up by 1.4 million, from 4.2 million to 5.6 million over the same period. The FCA has repeatedly reminded firms of the importance of supporting their customers and working with them to solve...
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ASIC sues Money3 Loans for responsible lending breaches
ASIC has commenced civil penalty proceedings in the Federal Court against car finance provider Money3 Loans Pty Ltd (Money3) alleging breaches of its responsible lending obligations when providing finance for the purchase of second-hand vehicles. ASIC Deputy Chair Sarah Court said, ‘Taking strong action against credit providers who we consider have failed to consider the...
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ESAs draw consumers’ attention to how rises in inflation and interest rates might affect their finances
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today published an interactive factsheet to help consumers understand how the recent increases in inflation and interest rates can affect their money. This includes the financial products and services that consumers currently hold or plan to buy, such as loans, savings, financial investments, insurance...
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FCA censures Lighthouse Advisory Services Limited for serious failings in relation to the British Steel Pension Scheme and £23m paid out in redress
Quilter Financial Planning Limited (Quilter) acquired Lighthouse in June 2019, after the unsuitable advice. Quilter has however taken responsibility for the unsuitable advice provided before its purchase of Lighthouse and has proactively carried out a redress exercise. By 30 April 2023, Quilter had paid approximately £23.17 million in redress to put affected Lighthouse customers back...
Civil rights law practice area legal advice is the application of abstract principles of law to the concrete facts of the client’s case.