ASIC has commenced proceedings in the Federal Court against National Australia Bank Ltd (NAB), alleging that NAB charged fees for making certain periodic.
Mr Zhonghan Wu, also known as John Wu, former chief financial officer of Traditional Therapy Clinics Limited (TTC), appeared before the District Court of.
Reserve Bank of Australia
At its meeting today, the Payments System Board discussed a number of issues, including:
The Bank’s Review of Retail Payments Regulation. The Board discussed some recent industry developments that are relevant to the Review, particularly relating to dual-network debit cards, least-cost routing, and scheme fees. The staff are continuing to gather information and consulting with stakeholders. It is expected that the Board will agree on draft conclusions for the Review at its May meeting, for publication soon afterwards.
Cyber risks to the Australian payments system. Members were briefed on the work being undertaken by the Bank (together with other CFR agencies) to oversee the management of cyber security risks in the financial sector. They discussed how the Bank can best support cyber resilience in the payments system in the context of the Government’s recently announced Cyber Security Strategy.
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CBA liable for overcharged interest – Royal Commission case study
The Federal Court has made declarations that the Commonwealth Bank of Australia (CBA) made false or misleading representations and engaged in misleading and deceptive conduct on 12,119 occasions when charging a rate of interest on business overdraft accounts substantially higher than what its customers were advised.
The Court also made a declaration that on each of the 12,119 occasions that CBA breached s12DA(1) and s12DB(1)(g) of the ASIC Act, it also breached its general obligation as a financial service licensee to comply with financial services laws, in contravention of s912A(1)(c) of the Corporations Act.