Australian regulator appeals dismissal of petition against CBA, unit by court
11:49 pm Tuesday, October 25th, 2022
(Reuters) – Australia’s corporate regulator said it had appealed the Federal Court’s decision to dismiss its petition against the Commonwealth Bank of Australia and its pension unit on allegations of improperly collecting commissions.
Last month, the Australian Federal Court dismissed a petition by the Australian Securities and Investments Commission (ASIC) that accused the country’s top lender and Colonial First State of a scheme, where the bank took commission to sell products for its unit from 2013 to 2019, a banned practice known as conflicted remuneration.
“We have appealed this decision because we are concerned that it will limit the operation of conflicted remuneration laws introduced in 2012,” ASIC Deputy Chair Sarah Court said in a statement on Wednesday.
(Reporting by Tejaswi Marthi in Bengaluru; Editing by Rashmi Aich)
