Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v Commonwealth Bank of Australia [2020] FCA 790 File number: VID 180 of 2020
Judge: BEACH J
Date of judgment: 5 June 2020
Catchwords: CORPORATIONS – financial services – financial products – assessment of pecuniary penalty – declarations of contraventions – financial packages for rural customers – misleading representations – incorrect charging of fees and interest on loans – underpaying interest on savings – misleading or deceptive conduct – contraventions of ss 12DA(1), 12DB(1)(e) and (g) and 12DI(3) of the Australian Securities and Investments Commission Act 2001 (Cth) – breaches of general obligation to comply with financial services laws – failure to ensure that financial services covered by AFSL were provided efficiently, honestly and fairly – contraventions of ss 912A(1)(a) and (c) of the Corporations Act 2001 (Cth) – orders made
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12BB, 12DA, 12DB, 12DI, 12GBA, 12GBC Corporations Act 2001 (Cth) ss 760A, 912A Evidence Act 1995 (Cth) s 191 Federal Court of Australia Act 1976 (Cth) s 21 Financial Services Reform (Consequential Provisions) Act 2001 (Cth)
Cases cited: Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd (2015) 327 ALR 540 Australian Competition and Consumer Commission v Hillside (Australia New Media) Pty Ltd (t/as Bet 365) (No 2) [2016] FCA 698 Australian Securities and Investments Commission v AGM Markets Pty Ltd (in liquidation) (No 3) [2020] FCA 208 Australian Securities and Investments Commission v Commonwealth Bank of Australia (2018) 128 ACSR 289 Australian Securities and Investments Commission v Westpac Banking Corporation (No 2) (2018) 266 FCR 147 Australian Securities and Investments Commission v Westpac Banking Corporation (No 3) (2018) 131 ACSR 585 Trade Practices Commission v CSR Limited (1991) ATPR 41-076
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