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Blogs >> Consumer Protection

Company Fined After Not Holding AGMs

17 Oct 2013
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has announced that Black Earth Resources Ltd has been fined after pleading guilty to 12 charges under the Corporations Act 2001 No. 50 (Cth), including in relation to its failure to hold annual general meetings (AGMs).

Published in Financial Integrity

New Consumer Rights Guide

17 Oct 2013
Written by World Watch

The Australian Competition and Consumer Commission (ACCC) has released Consumer Guarantees - A guide for consumers (October 2013) (the guide), which provides consumers with information on their rights under Schedule 2 (The Australian Consumer Law) to the Competition and Consumer Act (2010) 1974 No. 51 (Cth) for situations in which something they have purchased "breaks or fails to perform as expected".

Published in Consumer Protection

United Kingdom (UK)-based retailer WHSmith has made available a statement of apology on its website, advising that it has temporarily suspended its online retail since being made aware that it was offering "a number of unacceptable titles" via an automated feed sourced from e-book retailer Kobo Inc's (Kobo) website.

Published in Consumer Protection

The Australian Communications and Media Authority (ACMA) has announced that it has fined retail website operator Grays (NSW) Pty Ltd (Grays) A$165,000 for breaching the Spam Act 2003 No. 129 (Cth) by sending marketing emails:

Published in Consumer Protection

The United Kingdom Financial Conduct Authority (FCA) has made available Final Notice #1 (30 September 2013) issued to Catalyst Investment Group Ltd (Catalyst) for "recklessly misleading investors" in promoting certain bonds over a seven-month period.

Published in Consumer Protection

The United Kingdom (UK) Financial Conduct Authority (FCA) has released Consultation Paper - Detailed proposals for the FCA regime for consumer credit (October 2013) (CP13/10) and accompanying appendices (undated) for public comment.

Published in Consumer Protection

The United Kingdom Financial Conduct Authority (FCA) has announced that it has fined National Australia Bank Group subsidiary Clydesdale Bank (Clydesdale) £8.9 million for "failing to inform its customers clearly of their rights after ... miscalculat[ing] the repayments on over 42,500 mortgages".

Published in Consumer Protection

The United Kingdom Office of Fair Trading (OFT) has released The OFT's proposed Principles for online and app-based games (the proposed Principles) and an accompanying Report and consultation (both undated) for public comment.

Published in Consumer Protection

The European Commission (EC) has announced that it has adopted proposals (both dated 26 September 2012) as follows to "improve the safety of medical devices".

Published in Consumer Protection

Banks Penalised for Role in Ponzi Scheme

26 Sep 2013
Written by World Watch

The United States (US) Securities and Exchange Commission (SEC) has made available an Order (23 September 2013) that requires New Jersey-based Toronto-Dominion Bank subsidiary TD Bank to pay a civil penalty of US$15 million for its role in a Ponzi scheme that was operated during 2005 - 2009 by since disbarred attorney Scott Rothstein.

Published in Financial Integrity

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