Consumer lending (875 items)

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Tetchy start to trial over ANZ exception fees

The first day of hearings in the exception fees test case brought against ANZ got off to a tense start as barristers and the judge sparred over the admissibility of six affidavits from senior ANZ  executives that explained the detail of many of the bank's practices.  Justice Michelle Gordon initially wanted to leave the affidavits out as they did not appear to directly address the plaintiffs’ claims in relation to 17 different fees. read more

Penalty fee test case lumbers into court

A much-anticipated class action brought by entrepreneurial litigators against ANZ over the validity of exception fees will take centre stage in the Federal Court in Melbourne this morning. If successful, the IMF (Australia)-funded action on behalf of 34,000 claimants will have wide-ranging implications for the banking industry and open the way for a series of claims against most of the country’s deposit takers and credit card issuers that have levied exception fees over the last six years. read more

Friends with fraud

An increase in friendly fraud is worrying companies in the payments industry. Such a fraud occurs when someone buys goods from an online retailer, receives the goods in the mail but then claims the goods never arrived and asks for a refund. read more

Predictable bank yields attract sell-side

Continuing volatility in the equity market has prompted some analysts to argue that investors should give up trying to pick stocks that will deliver capital growth and aim, instead, for stocks that can be expected to produce consistent dividend yields. read more

ATO to go easier on SMSF borrowers

The Australian Taxation Office has adopted a more relaxed stance on the question of how much repair and maintenance is allowed on properties purchased by the trustees of self-managed superannuation funds using borrowed money. read more

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