An ASIC spokesperson has confirmed to ifa sister title InvestorDaily that the regulator has lodged a new statement of claim to the Federal Court.
The new statement of claim alleges it found the major bank to have manipulated the BBSW on six occasions, not three.
However, the bank has issued a statement denying ASIC’s claims and announcing that it will be “reviewing” the fresh statement of claim.
On 30 January, ASIC commenced civil proceedings against CBA alleging that between January and October 2012, the Commonwealth Bank “traded with the intention of affecting the level at which BBSW was set so as to maximise its profits or minimise its losses”.
ANZ and NAB opted to settle their BBSW cases with ASIC, with Westpac still awaiting judgement.
I bet that no one loses their job, business or lively hood for these crimes. Maybe a small fine (to the tune of 0.0000000000000000001% of the annual bank profits). Maybe they will blame some financial advisers for this one too. We are the only ones who ever get in any trouble whilst the direct insurers, super funds and bankers get away with everything.
I wonder what would happen if the bankers offering dodgy loans to people with cognitive disabilities? Probably a free bushiness holiday to Maccau and a bonus in the millions. Oh thats right, they already do this all the time.
I wonder what would happen if people were offered direct insurance contracts which have zero chance of ever paying out? Oh thats right, ASIC is actually promoting this by trying to make insurance advice unobtainable for everyone but the HNW clients.