The Federal Court has found that National Australia Bank Ltd (NAB) engaged in unconscionable conduct by continuing to charge customers periodic payment fees even though NAB knew the overcharging was occurring. ASIC alleged that between February 2015 and February 2019, NAB was charging fees for some periodic payments even though customers were entitled to an...
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ASIC Annual Forum 2022: Putting the consumer at the centre of product design
This article follows a session on the design and distribution obligations (DDO) topic held at the ASIC Annual Forum (AAF), on 3-4 November 2022. The session was moderated by ASIC Executive Director of Strategy Group, Greg Kirk. Keynote: Professor Lauren E. Willis, Associate Dean for Research, Professor of Law, and William M. Rains Fellow, Loyola...
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FCA progresses market abuse claim against Globo Plc chiefs
The FCA alleges the former CEO, Mr. Konstantinos Papadimitrakopoulos, and former CFO, Mr. Dimitris Gryparis, made misleading statements that caused the company’s shares to be traded significantly above their true value before the company’s total collapse in November 2015. The FCA is seeking compensation for investors whom the FCA claim was adversely impacted by the...
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FCA ramps up intervention on rogue financial promotions
Retail lending, investments, and banking are the sectors with the highest rate of amends to or withdrawal of adverts and amount to 95% of the FCA’s interventions with authorized firms. The FCA highlighted that it had seen several cases involving unauthorized firms and individuals seeking to take advantage of the rising cost of living. During...
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£12 million compensation to be paid to thousands of struggling borrowers
The FCA acted quickly during the pandemic to put in place guidance that led to more than five million payment deferrals for mortgage and credit customers. This was followed by guidance on tailored support. In a report published today, the FCA found examples of firms delivering good outcomes for customers – but others must do...
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Insurance Council of Australia Annual Conference 2022
Speech by ASIC Deputy Chair Karen Chester at the Insurance Council of Australia Annual Conference, 2 November 2022. Check against delivery Good morning everyone. Thank you to the Insurance Council of Australia for the opportunity to speak today. I would like to begin by acknowledging the Traditional Owners’ ongoing connection to, and custodianship of, the...
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ESMA TO WITHDRAW THE RECOGNITION DECISIONS OF SIX INDIAN CCPS
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today announces that six central counterparties (CCPs) established in India will have their recognition decisions withdrawn in accordance with the European Market Infrastructure Regulation (EMIR). ESMA had to tier and review the recognition of all third-country CCPs (TC-CCPs) that had been...
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ESMA PUBLISHES DATA FOR THE SYSTEMATIC INTERNALISER CALCULATIONS
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the data for the systematic internaliser quarterly calculations for equity, equity-like instruments and non-equity instruments other than bonds under MiFID II and MiFIR. Data for the systematic internaliser quarterly calculations The data covers the total number of trades...
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Climate change: Urgency, integrity, ambition
Speech by ASIC Deputy Chair Karen Chester at the Carbon Market Institute’s 9th Australasian Emissions Reduction Summit, 25 October 2022. Check against delivery Thank you to the Carbon Market Institute for the opportunity to participate in this plenary session alongside my fellow regulators in David Parker from the Clean Energy Regulator (CER) and Liza Carver...
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22-275MR Totem Wealth financial adviser permanently banned from providing financial services
ASIC has permanently banned Totem Wealth Pty Ltd director James Carlos Reynolds, of Robina, Queensland, from providing financial services. From 2017 to the time of banning, Mr Reynolds was the sole director of Totem Wealth, an advisory firm that purported to offer ‘lifestyle’ financial advice. In banning Mr Reynolds, ASIC found that his conduct demonstrated...
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