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ASIC v Whitlam
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The former president of the NRMA, Nick Whitlam, has been banned from being a company director for five years.

The New South Wales Supreme Court imposed the ban and fined Whitlam $20,000 for breaching the corporations law at an NRMA meeting almost four years ago.

Previously the court found Whitlam deliberately sought to disenfranchise almost 4,000 NRMA members when he failed to sign a proxy election paper.

Justice Ian Gzell said Whitlam lacked contrition and found there was a likelihood of a repetition of the conduct.

Whitlam has subsequently resigned all his directorships.

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ACCC v Commonwealth Bank
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The Australian Competition and Consumer Commission has instituted Federal Court proceedings against the Commonwealth Bank of Australia alleging false, misleading or deceptive advertising in one of its home loan campaigns.

The ACCC has alleged that the clear impression conveyed by the advertisements was that customers applying for these home loans who met standard home loan requirements (such as creditworthiness) would not incur an establishment fee.

In fact, to obtain a home loan without paying an establishment fee prospective home loan customers had to either currently hold, or take out, an additional two or three bank products such as a credit card, deposit account, combined home and contents insurance policy or mortgage protection insurance.

See the ACCC press release

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FSR Update
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Credit Union Complaints Scheme

ASIC has approved the Credit Union Dispute Resolution Centre as a consumer complaints resolution scheme under Policy Statement 139. See media release 02/310

ASIC FAQ re basic deposit product

Does training for basic deposit products have to be Tier 2 level? ASIC has confirmed its training requirements for Tier 2 products as set out in PS146.

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