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Last month, the Australian Federal Court dismissed a petition by the Australian Securities and Investments Commission (ASIC) that accused the country’s top lender and Colonial First State of a scheme, where the bank took commission to sell products for its unit from 2013 to 2019, a banned practice known as conflicted remuneration.
“We have appealed this decision because we are concerned that it will limit the operation of conflicted remuneration laws introduced in 2012,” ASIC Deputy Chair Sarah Court said in a statement on Wednesday.
