| | | Effective PR

Australian regulator charges ME Bank

BIScom Subsection: 
Editorial Staff

Criminal charges have today been laid against Members Equity Bank Limited, also known as ME Bank, in the Australian Federal Court.

The Australian Securities and Investments Commission (ASIC) alleges contraventions of sections 12DB(1)(g) and 12GB(1) of the Australian Securities and Investments Commission Act 2001 and sections 64(1) and 65(1) of the National Credit Code, between 2 September 2016 and 3 September 2018. Both are Commonwealth measures (in Australia, this is usually reduced to "Cth" which indicates that it is national, not state, law.

S 12DB relates to false or misleading representations.
S12GB relates to Offences against subdivision D.
Subdivision B relates to consumer protection including S12DB.
s12GB says it is an offence to contravene s12DB.


S12 DB (1) contains an extensive range of conduct under the umbrella of "A person must not, in trade or commerce, in connection with the supply or possible supply of financial services, or in connection with the promotion by any means of the supply or use of financial services:"

The National Credit Code is regulatory material produced by ASIC and having force of law.

---------------- Advertising ----------------