© Stocksak. FILE PHOTO – A Commonwealth Bank of Australia logo is adorning the wall of a branch located in Sydney, Australia on May 8, 2017. REUTERS/David Gray/File Photo
(Stocksak). Australia’s corporate regulator claimed it had appealed against the Federal Court’s decision to dismiss its complaint against the Commonwealth Bank of Australia and its pension unit over allegations of improperly receiving commissions.
The Australian Securities and Investments Commission filed a petition to the Australian Federal Court (ASIC) last month. It claimed that Colonial First State, the country’s top lender, was accused of a scheme whereby the bank took commission to market products for its unit, a practice known as conflicted Remuneration.
“We have appealed the decision because we are concerned it will limit operation of conflicted law remuneration introduced in 2012,” ASIC Chair Sarah Court stated in a Wednesday statement.
