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ACCC

Starting point: banks in Australia have behaved appallingly. The Australian Consumer and Competition Commission, ACCC, has been shown up as .. pick a negative adjective and it's probably been used. The ACCC, along with other regulators who have been shown up as wanting are now doing their best to prove they are "across it," as Australians say. Today, they say that they have produced a "final report" from their residential mortgage price inquiry. But.. has the ACCC now moved from ensuring good behaviour to managing how banks do business? It raises risk management questions, liquidity issues and even the stability of the housing market which has been in an accelerating downturn for a while and is showing all the signs of turning into a bit of a crisis.

BIScom Subsection: 

We reported (here) about the Australian Consumer and Competition Commission's civil action against Landmark Operations Limited trading as Seednet. The action has settled.

CoNet Section: 

An Australian estate agent / property developer Rick Otton and a company of which he was a sole director, told people how they could make money by buying and selling houses. We Buy Houses Limted and Otton have just been ordered to pay a whopping AUD18 million for telling porkies.

CoNet Section: 

The iconic fashion boots UGG are famously Australian.

Or so consumers were falsely told by Ozwear Connection, a wholesaler of footwear and accessories in Australia.

And then there's the question of exactly what is an "ugg" boot.

Stuart Dickson Produce Pty Ltd is a Sydney fruit and vegetable wholesaler. The company has been issued with an AUD10,500 penalty notice for buying produce from growers without a written "Horticulture Produce Agreement" (inevitably known as an HPA) in place. But, while the notice has been announced, the ACCC which issued and publicised it, doesn't stand behind it with any great force.

CoNet Section: 

The Australian Competition and Consumer Commission (ACCC) has issued civil proceedings in the Federal Court alleging that biotech company Landmark Operations Limited, which trades as "Seednet." The ACCC alleges that Seednet made "false, misleading and deceptive claims in a fact sheet" relating to a variety of barley, known as "Compass," developed by Adelaide University and marketed and distributed by Seednet.

CoNet Section: 

E-mail inboxes have long been plagued with dubious offers to renew domain names or to buy similar names to prevent cybersquatters taking control of them or even for entries into some kind of directory. It's a nuisance but, so far, the perpetrators of the actions have avoided prosecution by a range of sneaky tactics. Australia's Competition and Consumer Commission (ACCC) has obtained orders (not convictions) against two companies and a disqualification order against their principle officer.

CoNet Section: 

The Australian Consumer and Competition Commission (ACCC) has this morning issued a warning about kidnap and ransom threats made against, in particular, Chinese residents in Australia with more than 1,700 cases reported so far in 2018.

 


 

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