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The Federal Court of Australia (FCA) has handed down its judgment in Australian Competition and Consumer Commission v Safe Breast Imaging Pty Ltd (No 2) [2014] FCA 998 (16 September 2014). According to the Australian Competition and Consumer Commission (ACCC), the FCA has fined Safe Breast Imaging Pty Ltd (SBI) and its sole director Joanne Firth A$200,000 and A$20,000 respectively in relation to false representations made by SBI in breach of Schedule 2 (The Australian Consumer Law) to the Competition and Consumer Act (2010) 1974 No. 51 (Cth).

Published in Consumer Protection

Deutsche Bank Fined for Reporting Failures

04 Sep 2014
Written by World Watch

The United Kingdom Financial Conduct Authority (FCA) has announced that it has fined (21 August 2014) Deutsche Bank's London branch (Deutsche) £4,718,800 for "incorrectly reporting transactions between November 2007 and April 2013".

Published in Financial Integrity

The United Kingdom Financial Conduct Authority (FCA) has announced that it has fined (27 August 2014) The Royal Bank of Scotland and National Westminster Bank £14,474,600 for "serious failings in their advised mortgage sales business".

Published in Consumer Protection

The United Kingdom Financial Conduct Authority (FCA) has announced that its review of more than 1,500 financial promotions for consumer credit products has found that some are "still falling short of [the FCA's] rules[,] and firms need to do more to ensure that advertisements do not mislead consumers".

Published in Consumer Protection

Insurance Company Fined for Sales Practices

14 Aug 2014
Written by World Watch

The United Kingdom Financial Conduct Authority (FCA) has announced that it has fined (7 August 2014) Stonebridge International Insurance £8.4 million after finding that, between April 2011 and December 2012, the firm engaged in the following conduct in its sale of accident insurance products:

Published in Consumer Protection

The United Kingdom Financial Conduct Authority (FCA) has released Guidance consultation - Social media and customer communications (August 2014) for public comment. The document sets out the FCA's proposed supervisory approach to financial promotions in social media.

Published in Consumer Protection

The Federal Court of Australia (FCA) has handed down its judgment in Australian Competition and Consumer Commission v Dateline Imports Pty Ltd [2014] FCA 791 (30 July 2014). According to the Australian Competition and Consumer Commission (ACCC), the FCA has found that Dateline Imports breached the Trade Practices Act (now known as the Competition and Consumer Act (2010) 1974 No. 51 (Cth)) by making misleading representations regarding its Keratin Complex Smoothing Therapy hair straightening product.

Published in Consumer Protection

The United States Financial Conduct Authority (FCA) has announced that it has banned two firms from recruiting Appointed Representatives (ARs) and individual advisers in what is the FCA's first exercise of its suspension powers.

Published in Consumer Protection

The Federal Court of Australia (FCA) has handed down its decision in Australian Securities and Investments Commission v GE Capital Finance Australia, in the matter of GE Capital Finance Australia [2014] FCA 701 (1 July 2014). According to the Australian Securities and Investments Commission (ASIC), the FCA has fined consumer credit provider GE Capital Finance Australia (GE Money) A$1.5 million for "making false or misleading representations to more than 700,000 of its credit card customers".

Published in Consumer Protection

The United Kingdom Financial Conduct Authority (FCA) has announced that it has issued final notices to the following entities (both dated 16 June 2014), fining them for "failing to ensure [that] financial promotions for [Credit Suisse International's (Credit Suisse)] Cliquet Product were clear, fair and not misleading":

Published in Consumer Protection
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