INDEPENDENT REGULATORY COMMISSIONS – AUSTRALIA

Bupa sued for $35m for misleading customers

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Original article by Michael Smith
The Australian Financial Review – Page: 9 : 1-Jul-25

The Australian Competition & Consumer Commission has asked the Federal Court to impose a $35 million fine on health insurer Bupa for allegedly misleading customers over a five-year period. The ACCC alleges that Bupa gave customers incorrect information in regard to claiming benefits in situations where two or more procedures were taking place at the same time, with some customers having to pay thousands of dollars or cancel medical procedures altogether as a result of the incorrect information. Bupa’s Asia Pacific CEO Nick Stone says he is "deeply sorry" that customers were given the wrong information, while ACCC chair Gina Cass-Gottlieb says Bupa should have invested in the proper training and processes to prevent such mistakes from occurring.

CORPORATES
BUPA AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FEDERAL COURT OF AUSTRALIA

Woolworths not guilty of land-banking, says supermarket’s property boss

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Original article by Jessica Yun
Brisbane Times – Page: Online : 19-Nov-24

Woolworths managing director of property Ralph Kemmler has appeared before the ACCC’s supermarket inquiry, with Kemmler denying that it engages in land banking, which it defines as accumulating land for future retail or industrial sites. The ACCC has a different definiton of land banking, defining it as the accumulation of land for the purpose of blocking competition, and ACCC counsel assisting Naomi Sharp SC asked Kemmler whether a section in its 2023 internal balance sheets titled ‘sites held for strategic reasons’ was a reference to land banking, to which Kemmler replied that he did not believe so.

CORPORATES
WOOLWORTHS GROUP LIMITED – ASX WOW, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

NAB sued over hardship silence

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Original article by David Ross
The Australian – Page: 15 & 19 : 19-Nov-24

The Australian Securities & Investments Commission has launched legal action against the National Australia Bank, alleging it breached its requirements to fairly deal with customers suffering financial hardship. ASIC claims the NAB failed to respond to at least 345 customers seeking help from it over several years, including people suffering medical emergencies and people fleeing domestic violence. The case against the NAB follows a similar case against Westpac, and ASIC chair Joe Longo noted it was a "sign of the times", with tougher economic conditions resulting in the financial sector having to deal with a rise in hardship cases.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC

Qantas, ACCC agree on $120m penalty for ghost flights

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Original article by Robyn Ironside
The Australian – Page: 15 & 19 : 9-Oct-24

The Federal Court has approved a settlement between Qantas and the Australian Competition & Consumer Commission regarding the former’s "ghost flight" scandal. Qantas has agreed to pay a $100m fine and pay affected customers a total of $20m in compensation for selling tickets for flights that had already been cancelled during the pandemic. The ACCC was represented by Chris Caleo KC, who argued that complying with consumer law must be a priority for Qantas, given that it is the nation’s largest airline and carries millions of passengers each year.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FEDERAL COURT OF AUSTRALIA

ASIC warned over ANZ-AOFM probe

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Original article by David Ross
The Australian – Page: 15 & 19 : 23-Jul-24

The Australian Securities & Investments Commission is investigating allegations that ANZ traders manipulated a $14 billion placement of federal government securities in April 2023. ANZ only informed investors in May that it was facing an investigation by ASIC, but documents obtained under a Freedom of Information request show that the Australian Office of Financial Management shared over 20 documents concerning the ANZ with ASIC between Jaunary and May; one of the documents reveals that ASIC demanded information about past risk manager reports on 29 January.

CORPORATES
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIA. DEPT OF THE TREASURY. OFFICE OF FINANCIAL MANAGEMENT

Store sales may save mega deal

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Original article by Tom Richardson, Carrie LaFrenz
The Australian Financial Review – Page: 1 & 18 : 14-Jun-24

The Australian Competition & Consumer Commission has indicated that it has major concerns regarding Chemist Warehouse’s proposed $8.8 billion merger with Sigma Healthcare. The ACCC is particularly worried about the impact on smaller pharmacies that are supplied by Sigma in its role as a wholesaler. In a statement expressing its initial views on the proposed merger, the ACCC indicated that the transaction may lead to increased prices for the goods and services provided by pharmacies, while it could substantially lessen competition in pharmacy retailing. It is possible that Chemist Warehouse may have to sell some of its stores in order to get the ACCC’s approval for the merger.

CORPORATES
CHEMIST WAREHOUSE, SIGMA HEALTHCARE LIMITED – ASX SIG, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

Supermarkets warned on pricing

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Original article by Ronald Mizen
The Australian Financial Review – Page: 1 & 4 : 16-Jan-24

Australian Competition & Consumer Commission chair Gina Cass-Gottlieb says it could potentially take legal action against a major supermarket chain in the next 12 months for breaching consumer law. Although the ACCC does not have price monitoring powers when it comes to supermarkets, it does have a role in investigating misleading and deceptive conduct. Cass-Gottlieb noted that the ACCC is concerned about the issue of ‘was, now pricing’, whereby chains offer a discount on an item, but may have engaged in deceptive behaviour by increasing the price of the item for a short time beforehand.

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ACCC targets big tech’s AI power

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Original article by Jared Lynch
The Australian – Page: 15 & 19 : 30-Oct-23

Documents released under freedom of information laws have revealed that the Australian Competition & Consumer Commission has called on Attorney-General Mark Dreyfus to establish a digital platforms ombudsman, so as to help consumers resolve disputes with big technology companies. The documents also show that the ACCC wants UK-style legislation to curb the power of large tech firms like Google, Microsoft and Amazon, claiming that their early dominance in generative AI runs the risk of squeezing out smaller rivals.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, GOOGLE AUSTRALIA PTY LTD, MICROSOFT AUSTRALIA, AMAZON.COM INCORPORATED

‘Journalistic cluelessness’: Ex-Media Watch host roasts regulator

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Original article by Zoe Samios
The Age – Page: Online : 4-Jan-23

ABC Alumni chair Jonathan Holmes has criticised the Australian Communications & Media Authority’s investigation into the ABC’s two-part ‘Four Corners’ program on US-based Fox News. ACMA ruled in late 2022 that the program had breached the public broadcaster’s code of practice and misled viewers. Holmes subsequently wrote to ACMA chair Nerida O’Loughlin, contending that the investigation had "needlessly damaged" the reputation of ‘Four Corners’. ABC Alumni is not affiliated with the public broadcaster.

CORPORATES
AUSTRALIAN BROADCASTING CORPORATION,ABC ALUMNI,FOX NEWS,AUSTRALIAN COMMUNICATIONS AND MEDIA AUTHORITY

ACCC calls on banks in merger probe

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Original article by Joyce Moullakis
The Australian – Page: 13 & 16 : 4-Jan-23

The Australian Competition & Consumer Commission is currently assessing the ANZ Bank’s proposed deal to acquire Suncorp Group’s banking arm. Sources have indicated that the ACCC has requested information and data from the nation’s major and regional banks as part of the process, using its compulsory powers under the Competition and Consumer Act 2010. This information is said to include bank returns, net interest margins, funding costs and market share. The ACCC is seeking submissions on the ANZ deal by 18 January, and it aims to make a final decision on the transaction in June.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ,SUNCORP BANK,SUNCORP GROUP LIMITED – ASX SUN,AUSTRALIAN COMPETITION AND CONSUMER COMMISSION