Federal Court of Australia
Federal Court of Australia
Australian Securities and Investments Commission v Commonwealth Bank of Australia [2021] FCA 423 File number: NSD 1275 of 2020
Judgment of: LEE J
Date of judgment: 6 March 2021
Catchwords: BANKING AND FINANCIAL INSTITUTIONS – assessment of pecuniary penalty – declarations of contraventions – overcharging errors on overdraft accounts due to coding error – delay in notifying and remediating customers – public interest in predictability of outcomes in civil penalty proceedings – consideration of the parity principle – process one of instinctive synthesis – degree of artificiality in imposing a penalty equivalent to profit earned in a little over six hours of bank's operations – form of corrective notice – need to rethink form in which information is communicated to public
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12DA, 12DB, 12GBA, 12GLB Corporations Act 2001 (Cth) ss 912A, 912D Evidence Act 1995 (Cth) ss 144, 191 Federal Court of Australia Act 1976 (Cth) ss 33J, 33X
Cases cited: Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2015] FCA 330; (2015) 327 ALR 540 Australian Building and Construction Commissioner v Construction, Forestry, Mining and Energy Union [2018] HCA 3; (2018) 262 CLR 157 Australian Competition and Consumer Commission v Apple Pty Ltd (No 4) [2018] FCA 953 Commonwealth of Australia v Director, Fair Work Building Industry Inspectorate [2015] HCA 16; (2015) 258 CLR 482 Australian Securities and Investments Commission v MLC Nominees Pty Ltd [2020] FCA 1306; (2020) 147 ACSR 266 Australian Securities and Investments Commission v Commonwealth Bank of Australia [2020] FCA 790 Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited (No 3) [2020] FCA 1421 Trade Practices Commission v CSR Limited (1991) 13 ATPR 41–076 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 71 FCR 285 Australian Securities and Investments Commission v AMP Financial Planning Pty Ltd (No 2) [2020] FCA 69; (2020) 377 ALR 55 Lenthall v Westpac Banking Corporation (No 2) [2020] FCA 423; (2020) 144 ACSR 573
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