Latest news with #AustralianSecuritiesandInvestmentsCommission
9 News
2 days ago
- Business
- 9 News
Banks to refund low-income Aussies more than $93 million
Your web browser is no longer supported. To improve your experience update it here Major banks will put more than $93 million back in the pockets of low- income customers who have been charged excessive fees, following the latest investigation by the corporate watchdog. Today the Australian Securities and Investments Commission (ASIC) will announce about 770,000 low-income customers who were eligible for cheaper banking fees will be refunded $60 million. The move is the latest development in ASIC's drive for major banks to pay back various account fees to people who were receiving Centrelink payments and other government concessions. The Australian Securities & Investments Commission (ASIC) announced today 770,000 low-income customers who were eligible for cheaper banking fees will be refunded. (A Current Affair) It means banks charging high fees to those who can least afford it will refund more than $93 million to customers, following ASIC's latest bank-fee review. "Despite the improvements banks have made during our surveillance, there is clearly work to be done," ASIC chair Joe Longo said. "It should not take an ASIC review to force $93 million in refunds or make banks assess their processes to ensure the trust and expectations placed in them are justified." ASIC's previous bank-fee report found banks had kept at least two million low-income Australians, who rely on Centrelink payments, in high fee accounts. In its latest report, the regulator cast the net over more banks and found even larger numbers of low- income Australians paying too much, particularly First Nations consumers. "Our latest work has seen the total amount of bank refunds nearly triple to $93 million, and over one million customers moved into low-fee accounts, saving them an expected $50 million in future yearly fees," said ASIC Commissioner Alan Kirkland. Products and processes across the 21 banks reviewed varied, along with banks' responses. Three of the four banks featured in ASIC's initial report - the ANZ Bank, Westpac and Bendigo and Adelaide Bank - have now committed to provide refunds of bank fees to a broader group of low-income customers who have been in high-fee accounts. Now after the latest review by the watchdog, more than 920,000 low-income customers are in line to receive refunds totalling more than $93 million. banks Australia finance Centrelink CONTACT US
AU Financial Review
2 days ago
- Business
- AU Financial Review
Westpac, ANZ and Bendigo Bank to refund $60 million in unfair fees
Three Australian banks will pay nearly $60 million in refunds to low-income customers after the Australian Securities and Investments Commission found they charged high account fees to Centrelink payment recipients who could not afford them. The refund adds to $33 million the banks previously repaid welfare recipients living in remote and regional communities with large Indigenous populations.
AU Financial Review
3 days ago
- Business
- AU Financial Review
‘Gotcha' regulators are hurting economy, ex-Treasury boss says
Aggressive corporate regulators are hurting the economy with a 'gotcha' approach against business, while their administrative red tape is stifling investment, says Martin Parkinson, former Treasury secretary turned company director. As a result, the Albanese government's efforts to cut regulation and boost business investment as part of its productivity agenda must extend to an urgent review of the behaviour of key regulators, such as the Australian Securities and Investments Commission and the Australian Competition and Consumer Commission, Parkinson said.
Sky News AU
5 days ago
- Business
- Sky News AU
General Pants Co hit with legal action from retail distributor UCC
An Australian youth fashion icon has been hit with legal action over unpaid debts allegedly owed to its retail distributor. General Pants Co. has been served with a winding-up application due to allegedly owing suppliers nearly $70,000. In filings to the Australian Securities and Investments Commission, UCC Australia launched a winding-up order against the retailer earlier this month. UCC is an importer, distributor and wholesaler of FMCG, supplying electricals and food to some of Australia's major retailers, including Myer, Big W, Kmart, Woolworths and Amazon. According to the filings, General Pants owes just less than $70,000 for the supply of cameras and film between October and December last year. A winding-up notice is issued by a creditor to a company to get them to pay a debt, forcing them to pay back the money they owe or face being placed into liquidation by the court. The hearing is listed for August 20 in Victoria's Supreme Court. General Pants is the latest business under Alquemie Group to face legal action. SurfStitch faced similar action from Nike Australia in June over an alleged $237.760 debt. General Pants has been a staple in Australian fashion for more than 50 years and has more than 50 stores across Australia and New Zealand. It is just the latest in a long line of retail chains that have struggled in the post-Covid period. Retail giant Mosaic Brands, the owner of brands Millers, Rivers, Crossroads, Katies, Noni B and Autograph, entered voluntary administration in October last year, owing creditors about $318m. Originally published as Australian fashion retailer faces court proceedings over unpaid bills
Yahoo
5 days ago
- Business
- Yahoo
Iconic Aussie retailer's legal stoush
An Australian youth fashion icon has been hit with legal action over unpaid debts allegedly owed to its retail distributor. General Pants Co. has been served with a winding-up application due to allegedly owing suppliers nearly $70,000. In filings to the Australian Securities and Investments Commission, UCC Australia launched a winding-up order against the retailer earlier this month. UCC is an importer, distributor and wholesaler of FMCG, supplying electricals and food to some of Australia's major retailers, including Myer, Big W, Kmart, Woolworths and Amazon. According to the filings, General Pants owes just less than $70,000 for the supply of cameras and film between October and December last year. A winding-up notice is issued by a creditor to a company to get them to pay a debt, forcing them to pay back the money they owe or face being placed into liquidation by the court. The hearing is listed for August 20 in Victoria's Supreme Court. General Pants is the latest business under Alquemie Group to face legal action. SurfStitch faced similar action from Nike Australia in June over an alleged $237.760 debt. General Pants has been a staple in Australian fashion for more than 50 years and has more than 50 stores across Australia and New Zealand. It is just the latest in a long line of retail chains that have struggled in the post-Covid period. Retail giant Mosaic Brands, the owner of brands Millers, Rivers, Crossroads, Katies, Noni B and Autograph, entered voluntary administration in October last year, owing creditors about $318m.
