CBA hits back at ASIC over BBSW allegations

CBA/BBSW/ASIC/

27 February 2018
| By Hannah Wootton |
image
image
expand image

The Commonwealth Bank of Australia (CBA) is fighting back against the multitude of regulatory allegations being hurled at it, saying that it is reviewing details of a statement of claim launched by the Australian Securities and Investments Commission (ASIC).

The legal claim related to trading allegedly affecting the Bank Bill Swap Rate (BBSW) on six occasions in 2012, which the regulator lodged with the Federal Court last month.

ASIC alleged that conduct from CBA employees contravened multiple provisions in both the Australian Securities and Investments Commission Act and the Corporations Act, and sought orders for pecuniary penalties against the bank and the imposition of a compliance program.

CBA said that it did not believe that its employees had engaged in unlawful conduct or done anything that could have adversely impacted the efficiency and integrity of the financial markets.

As the matter is before the court, CBA would not comment on anything else relating to the statement of claim other than that they had and would co-operate fully with ASIC to resolve the matter.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS