NAB penalised $2.1 million for unconscionable conduct over account fees
The Federal Court has ordered National Australia Bank Ltd (NAB) pay a $2.1 million penalty for unconscionable conduct by continuing to charge periodic payment fees
In June 2006 nearly 70 countries had freedom of information legislations applying to information held by government bodies and in certain circumstances to private bodies. In 19 of these countries the freedom of information legislation also applied to private bodies. Access to information was increasingly recognised as a prerequisite for transparency and accountability of governments, as facilitating consumers’ ability to make informed choices, and as safeguarding citizens against mismanagement and corruption.
This has led an increasing number of countries to enact freedom of information legislation in the past 10 years. In recent years, private bodies have started to perform functions which were previously carried out by public bodies. Privatisation and de-regulation saw banks, telecommunications companies, hospitals and universities being run by private entities, leading to demands for the extension of freedom of information legislation to cover private bodies.
Freedom of information (or information freedom) also refers to the protection of the right to freedom of expression with regard to the Internet and information technology. Freedom of information may also concern censorship in an information technology context, i.e. the ability to access Web content, without censorship or restrictions
The Federal Court has ordered National Australia Bank Ltd (NAB) pay a $2.1 million penalty for unconscionable conduct by continuing to charge periodic payment fees
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Market participant Interactive Brokers Australia Pty Ltd (ACN 166 929 568) (Interactive Brokers) has paid a penalty of $832,500 to comply with an infringement notice
ASIC is extending the date by which relevant providers – financial advisers who provide personal advice to retail clients on relevant financial products (including time