Day: May 19, 2023

David Stock & Co Limited (David Stock & Co) made unsolicited offers of £50 to 48% of its clients who had been BSPS members and had not yet complained. We are concerned that these unsolicited settlement offers were not calculated in line with our guidance, and were a deliberate attempt to exclude former BSPS members …

We force third firm to reverse effect of misleading British Steel Pension Scheme offers Read More »

Ms Linda Marissen, of Wembley Downs, Western Australia has appeared at the Perth Magistrates Court charged with 34 counts of enabling or aiding the commission of alleged fraud offences by Chris Marco contrary to sections 7(b) and 409 of the Criminal Code (WA). Following an ASIC investigation, it is alleged that between February 2014 and …

Linda Marissen charged with assisting Chris Marco’s alleged fraud Read More »

The Federal Court has found four companies that are or were part of the AMP Group breached the law when charging life insurance premiums and advice fees from the superannuation accounts of more than 2,000 deceased customers. The Federal Court ordered two of these AMP companies to pay a combined penalty of $24 million for …

Court penalises AMP $24 million for charging deceased customers Read More »

The Federal Court has ordered MLC Limited (MLC) pay a $10 million penalty for failing to pay promised benefits, resulting from a lack of appropriate systems to administer its insurance policies. The Court also made declarations that MLC had contravened the ASIC Act, the Corporations Act and the Insurance Contracts Act for failures to: pay …

MLC Life Insurance penalised $10 million for misleading customers and failing to provide benefits Read More »