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The Latest Breaking News from Sarah Court

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

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.

AAP

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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’

The Guardian - AU

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.

AAP

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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.

ABC News

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.

AAP

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.

The New Daily

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.

AAP

Watchdog won't probe fraud allegations against Adani

Australia's corporate regulator will not launch a formal investigation into alleged misconduct by the Adani Group due to the age of the accusations.

AAP

Market cop takes first greenwashing action

ASX-listed energy firm Tlou Energy has paid Australia's first penalty for "greenwashing" over claims it could generate carbon neutral power.

AAP

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ABC News

ANZ fined $25 million for misleading more than 680,000 customers over 'Breakfree' package

ANZ was issued the fine in the Federal Court after the bank failed to provide benefits such as fee waivers and interest rate discounts to approximately 689,000 customer accounts.

ABC News

ASIC sues BPS Financial Limited, company behind cryptocurrency Qoin, in Federal Court

The Australian Securities and Investments Commission is prosecuting Gold Coast digital currency Qoin in the Federal Court over alleged false, misleading or deceptive statements.

The New Daily

Harvey Norman sued over ‘misleading’ interest-free ads

Harvey Norman has been dragged to court over claims its ads mislead customers about the true cost of buying its products.

The Canberra Times

'Not isolated': Dixon Advisory fined $7.2m for best interest breaches

Six representatives made 53 breaches during a 3.5-year period.

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The Guardian - AU

Westpac fined $40m for charging fees to the dead

Judge says bank ‘utterly failed to address the issues systematically’ as its total penalties for misconduct rise to $130m

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