Federal Court of Australia
FEDERAL COURT OF AUSTRALIA
Australian Securities and Investments Commission v BT Funds Management Limited [2021] FCA 844 File number(s): VID 552 of 2020
Judgment of: WHEELAHAN J
Date of judgment: 22 July 2021
Catchwords: CORPORATIONS – where admitted contraventions of the ss 12DA and 12DB of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) and ss 912A(1)(a) and 1041H of the Corporations Act 2001 (Cth) relating to the unauthorised deduction of fees from customers' accounts and misrepresentations to customers in statements of account – imposition of appropriate penalties pursuant to s 12GBA of the ASIC Act for admitted contraventions of s 12DB(1)(g) – where the quantum of penalties was contested.
Legislation: Australian Securities and Investments Commission Act 2001 (Cth) ss 12DA, 12DA(1), 12DB, 12DB(1)(g), 12GBA, 12GBB(5)(e), 12GBC(2) and 12GLB(1)(a) Corporations Act 2001 (Cth) ss 912A, 912A(1)(a), 913B, 1041H, s 1101B and 1101B(1) Crimes Act 1914 (Cth), s 4AA Evidence Act 1995 (Cth) s 191 Fair Work Act 2009 (Cth) s 557 Commonwealth of Australia, House of Representatives, Explanatory Memorandum to the Financial Sector Reform (Hayne Royal Commission Response) Bill 2020
Cases cited: Australian Building and Construction Commissioner v Construction Forestry Mining and Energy Union [2017] FCAFC 113; 254 FCR 68 Australian Competition and Consumer Commission v TPG Internet Pty Ltd [2013] HCA 54; 250 CLR 640 Australian Ophthalmic Supplies Pty Ltd v McAlary-Smith [2008] FCAFC 8; 165 FCR 560 Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited (No 3) [2020] FCA 1421 Commonwealth v Director, Fair Work Building Industry Inspectorate [2015] HCA 46; 258 CLR 482 Forster v Jododex Australia Pty Ltd (1972) 127 CLR 421 Markarian v The Queen [2005] HCA 25; 228 CLR 357 Minister for Industry, Tourism and Resources v Mobil Oil Australia Pty Ltd [2004] FCAFC 72; ATPR 41-993 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission [1996] FCA 1134; 71 FCR 285 Pattinson v Australian Building and Construction Commissioner [2020] FCAFC 177; 299 IR 404 Russian Commercial and Industrial Bank v British Bank for Foreign Trade Ltd [1921] 2 AC 438 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission [2012] FCAFC 20; 287 ALR 249 Tax Practitioners Board v Caolboy [2020] FCA 1559 Trade Practices Commission v CSR Ltd [1990] FCA 762; 13 ATPR 41-076 Volkswagen Aktiengesellschaft v Australian Competition and Consumer Commission [2021] FCAFC 49
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