On Apr. 13, ASIC fined Commonwealth Bank A$3mn re service fees. Enforceable undertaking applied to Commonwealth Financial Planning (CFPL) and BW Financial Advice (BWFA), wholly owned subsidiaries of Commonwealth Bank. CFPL and BWFA failed to provide, or find evidence for provision, annual reviews. This affected approximately 31,500 customers; CFPL in 2007-15; BWFA 2010-15. CFPL management…
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EC Consumer Online Rights
On Apr. 11, EC issued approach to strengthen consumer rights. Proposed changes to EU law that strengthen EU consumer rights and enforcement. More transparency in online marketplace, and in search results on online platform. Consumer Online Rights Inform consumer on whether they are buying from trade or from a private person. Consumer to be clearly…
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CIRC Anbang Equity Protection
On Apr. 4, CIRC issued Anbang protection and investor selection. After investigation found some shareholders of Anbang Insurance Group had used non-ownership funds to aid their preparation of fraudulent construction materials. Supervisory Response To strengthen supervision of insurance, to effectively prevent financial risks, and severely crack down on illegal and infringing behavior of insurance equity holders.…
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FDIC Remove OTS Regulations
On Apr. 2, FDIC removed and replaced OTS regulations of thrifts. Final rules remove security procedures, and consumer protection in sale of insurance. Amended FDIC regulation to make removals applicable to State savings associations. Related to Dodd-Frank induced reorganization of rules, conform to FDIC rules, term. Minimum Security The requirements inherited from OTS in 2011,…
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SEC Charges Pastor with Fraud
On Mar. 30 SEC charged Texas pastor with defrauding of investors. Kirbyjon Caldwell, was senior pastor for one of the largest US Protestant churches. With Gregory Smith, as self-described financial planners targeted elderly investors. Alleged Violations Defendants sold investors, interests in defunct, pre-Revolutionary Chinese bonds. Claimed bonds—memorabilia with no investment value- worth millions of dollars.…
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