SAI Global GRC Community

Building Organizational Integrity.
News >> Asia Pacific

The New Zealand (NZ) Commerce Commission has made available a settlement agreement (6 November 2013) under which debt recovery services provider Baycorp (NZ) Ltd's (Baycorp) has agreed to refund or reduce the account balances of debtors by a total of NZ$3.5 million to resolve allegations that it breached s. 13(i) of the Fair Trading Act 1986 No. 121 (NZ).

Published in Consumer Protection

The Australian Competition and Consumer Commission (ACCC) has announced the Federal Court of Australia has made orders against poultry providers in two separate matters, both relating to potentially false and misleading and/or deceptive packaging and promotion.

Published in Consumer Protection

Business Council of Australian (BCA) president Tony Shepherd has written (4 November 2013) to BCA member company chief executive officers (CEOs), advising them of the publication of the report Increasing the Number of Women in Senior Executive Positions - Improving Recruitment, Selection and Retention Practices (November 2013) as part of the BCA's Action Plan for Enduring Prosperity.

Penalty for Third Party's Software Failure

06 Nov 2013
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has announced that ABN AMRO Clearing Sydney Pty Ltd's (ABN AMRO) has paid a A$130,000 penalty in relation to a third-party failure in ABN AMRO's automated order processing system.

Published in Information Security

The Australian Securities and Investments Commission (ASIC) has announced that national rental goods provider Rent The Roo Pty Ltd (RTR) has paid a A$27,500 penalty after being issued with an infringement notice for a breach of responsible lending provisions under the National Consumer Credit Protection Act 2009 No. 134 (Cth) (the Act). ASIC stated that it had been "particularly concerned" because RTR regularly dealt with certain types of more vulnerable customers.

Published in Consumer Protection

Japan-based Mizuho Financial Group Inc (MHFG) has announced the retirement of its managing director, its executive officer and its subsidiary Mizuho Bank Ltd's (Mizuho) chairperson, and numerous penalties for MHFG and Mizuho senior management personnel and executive officers following its receipt of the findings of an independent investigation into Mizuho's lending practices in relation to organised crime syndicates known as yakuza and referred to as "anti-social forces" or "elements".

Published in Anti-Money Laundering

The Taiwan Fair Trade Commission (FTC) has announced that it has fined Samsung Electronics Taiwan Co Ltd (Samsung) NT$10 million (approximately US$340,000/€247,000) for breaching the Fair Trade Act in the online marketing of its products. According to Taipei Times, an FTC investigation found that Samsung's engagement of public relations firm OpenTide Taiwan (OpenTide) to hire writers to pose as consumers and publish positive online reviews of Samsung products constituted unfair or deceptive trade conduct.

Published in Competition

Hotel President Resigns Over Misleading Menus

31 Oct 2013
Written by World Watch

Hankyu Hanshin Hotels Co Ltd (Hankyu) has issued an apology (28 October 2013 - Japanese language version available only) for its use of food ingredients other than those indicated on its menus for 47 dishes offered at eight Hankyu venues and 23 stores.

Published in Consumer Protection

Typing Error Results in Breach of Market Rules

31 Oct 2013
Written by World Watch

The Australian Securities and Investments Commission (ASIC) has announced that UBS Securities Australia Ltd (UBS) has paid a A$50,000 penalty for "conduct which resulted in a market for a put option not being both fair and orderly", after its designated trading representative entered an incorrect price for a trade.

Published in Financial Integrity

The Australian Competition and Consumer Commission (ACCC) has made available a transcript of a speech delivered by ACCC deputy chair Michael Schaper at the National Franchise Legal Symposium on 20 October 2013. Dr Schaper announces that the ACCC's next round of audits will involve examination of franchisors from, among others, the take-away food and health and fitness industries to check compliance with the mandatory Franchising Code of Conduct set out in the Schedule to the Trade Practices (Industry Codes - Franchising) Regulations 1998 No. 162 (Cth) (further information).

Published in Code of Conduct

© 2013 SAI Global Limited ABN 67 050 611 642




User Registration
or Cancel