Six of Australia's largest banking and financial services institutions have paid or offered a total of $1.24 billion in compensation, as at 31 December.
On 10 February 2021, Mr Douglas Gordon Johnston was partially successful in appealing his conviction of obtaining a financial advantage by deception. The.
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ASIC cancels financial services and credit licences of Mortgage & General Financial Services Pty Ltd
ASIC has cancelled the Australian financial services licence (AFSL) and Australian credit licence (ACL) of Victoria-based Mortgage & General Financial Services Pty Ltd (Mortgage & General).
ASIC cancelled the AFSL and ACL because Mortgage & General failed to demonstrate that it had the competence and resources to provide financial services and credit activities as required under its licences.
Under the terms of both the AFSL and ACL, Mortgage & General was required to have a ‘key person’. However, following the death of its key person, Mortgage & General failed to appoint a new key person.
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ASIC successful against Westpac subsidiaries’ appeal to High Court
The High Court has today confirmed that Westpac Bank subsidiaries, Westpac Securities Administration Limited (WSAL) and BT Funds Management Limited (BTFM), breached financial services laws, including the requirement to act in their clients’ best interests and the requirement to act honestly, efficiently and fairly.
The unanimous High Court judgment today upheld the Full Federal Court decision regarding the conduct of WSAL and BTFM, dismissing their appeal and holding that they breached the Corporations Act by providing personal financial product advice in calls made to 14 customers. Neither company was licensed to provide personal financial advice.