ANZ bank pays record A$240m fine for widespread misconduct
ANZ Bank has agreed to pay A$240 million ($159.5 million) in penalties, marking the largest fine ever imposed by the financial regulator ASIC, to resolve four investigations into extensive misconduct that endangered public funds and impacted tens of thousands of customers.
The bank has acknowledged its involvement in unethical behavior while raising funds for the federal government to support vital services, including health, welfare, education, infrastructure, and defense.
Furthermore, ASIC revealed that ANZ neglected to address hundreds of customer hardship notifications adequately, issued misleading claims about its savings interest rates, and failed to reimburse fees levied on thousands of deceased customers. ASIC highlighted that this misconduct spanned several years and was characterized by ANZ's "significant failure to manage non-financial risks throughout the institution."
UK regulator proposes exempting crypto firms from 'integrity' and other rules
Crypto companies in the UK may be relieved from adhering to regulations that mandate financial service providers to operate with integrity and prioritize customer welfare, as proposed by the Financial Conduct Authority last week.
This initiative follows Britain's announcement in April regarding its collaboration with the United States to identify the optimal strategy for managing digital assets. The country, which has welcomed the crypto sector, is determined to ease regulatory restrictions imposed during Donald Trump's presidency.
In its consultation regarding minimum standards aimed at empowering rapidly expanding crypto firms to compete on a global scale, the UK's financial authority is contemplating the suspension of four key principles concerning crypto asset trading platforms. These principles stipulate that firms are required to operate with integrity, exercise skill, care, and diligence, consider customer interests, and ensure that advice, as well as discretionary decisions, are suitable for their clients.
US FTC probes Google, Amazon over search advertising practices
The US Federal Trade Commission is probing whether Amazon.com and Alphabet's Google misled advertisers on their platforms, according to a source familiar with the situation.
This investigation, led by the FTC's consumer protection unit, aims to determine if both companies adequately disclosed the terms and pricing associated with advertisements.
The FTC is gathering information regarding Amazon's advertising auctions and whether it clearly communicated "reserve pricing" for specific search ads. Reserve pricing indicates the minimum amount advertisers must agree to before purchasing an ad. Additionally, the agency is scrutinizing Google's practices, focusing on its internal pricing mechanisms and any undisclosed increases in ad costs, as per the source.
