GE Money penalised $1.5m over false representations
The Federal Court has ordered GE Money to pay a penalty of $1.5 million for making false or misleading representations from 5 January to 27 May 2012 to more than 700,000 of its customers. The court found that GE Money deliberately attempted to mislead cardholders into giving their consent to receive invitations for future credit increases.
For more information, see http://www.asic.gov.au/about-asic/media-centre/find-a-media-release/2014-releases/14-149mr-ge-capital-finance-australia-hit-with-15-million-penalty-over-false-or-misleading-representations/
ASIC takes action against payday lenders
ASIC has started legal action against Teleloans Pty Ltd and Finance & Loans Direct Pty Ltd, alleging that they are avoiding their responsible lending obligations. The lenders claim a short-term credit exemption but ASIC says that the exemption does not apply.
ASIC permanently bans former AMP Financial Planning adviser
ASIC has permanently banned Tina Louise McPhee upon her conviction for 181 counts of theft. On 16 May 2014, Mrs McPhee was sentenced to 13 years jail with a 10-year non-parole period.