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This week in penalties…

August 14, 2019

 

 

Australian Securities and Investments Commission

 

Misconduct!

Mark Kawecki has been charged with five counts of misconduct between January 2015 and December 2016. 

This comes after he was banned permanently from selling financial products last year.

 

In their release this week, ASIC said each penalty carries a maximum of 4500 penalty units or a maximum of ten years’ imprisonment.

 

“ASIC considers attempts to satisfy the minimum spread requirement through artificial means as serious misconduct which interferes with the integrity of our markets,” ASIC Commissioner Cathie Armour said, in an official statement.

 

 

Australian Competition and Consumer Commission

 

Surcharge Breach 

Europcar has been ordered to pay $350,000 in penalties for knowingly breaching the Competition and Consumer Act by charging Visa and MasterCard users higher than their costs between the period of July and August 2017.

 

“This decision is a warning to businesses that choose to impose surcharges. The onus is on them to get it right. A failure to comply with these laws may result in significant penalties,” ACCC’s Mick Keogh said, earlier this week.

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