Feb162018 by Connor JamesNo Comments

AGL pays penalty for failing to inform customers that contract ending

AU Energy Compliance
By Anne Wardell, Compliance Quarter.  The AGL group of companies has paid penalties totalling $60,000 in response to three infringement notices issued individual companies within the group. The infringement notices alleged that between 2013 and 2017, AGL pays penalty for failure to notify more than 1000 customers across NSW, SA and QLD that their fixed term retail contracts were due to end. The infringement notices are available on the AER website here. The notices alleged a breach of subrule 48(2) of the National Energy Retail Rules which requires a retailer to notify a small customer with a fixed term retail contract when that is to end. The notice must include: • the date on which the contract will end; • details of the prices, terms and conditions applicable to the…
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Nov62017 by Steven FindleyNo Comments
ASIC Enforcement Review: Strengthening Penalties for Corporate and Financial Sector Misconduct

ASIC Enforcement Review: Strengthening Penalties for Corporate and Financial Sector Misconduct

Financial Services
The Australian Securities & Investments Commission ASIC Enforcement Review Taskforce (the taskforce) recently released a positions paper 'Strengthening Penalties for Corporate and Financial Sector Misconduct' (the positions paper) which it seeks public comment on. Today we summarise that report, setting out the positions that ASIC seeks feedback on. [caption id="attachment_2522" align="alignnone" width="640"] ASIC Corporate & Financial Misconduct[/caption] Background to ASIC Enforcement Concerns have been raised in a number of quarters that the penalties regime in legislation administered by ASIC is not fit-for-purpose, does not reflect the seriousness of some offending, and is inconsistent with the penalties for offending of similar seriousness in other financial contexts (such as penalties for insider trading). For further elaboration on these concerns see our previous piece Financial crime doesn’t pay – three ways in which…
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