ASIC has launched court action against HSBC, claiming failures at the major bank led to the loss of $23 million over four years. The lawsuit alleges HSBC failed to protect customers, with some losing their life savings. The regulator says HSBC had significant, widespread, and systemic shortcomings that resulted in customers being scammed. Delays in fraud investigations and slow responses to scam reports were also highlighted. This is the first time ASIC has taken legal action against a bank for widespread compliance failures. HSBC Australia has been criticized in the past for its handling of fraud claims. Australians lost $2.74 billion to scams in 2023, with the majority of losses borne by customers. Laws are being introduced to establish a scam prevention framework with fines of up to $50 million for businesses that do not take reasonable steps to prevent, respond to, or report scams.
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Isa Guha apologises for calling India’s Jasprit Bumrah ‘most valuable primate’ in Fox cricket commentary
Commentator Isa Guha apologised for calling India bowler Jasprit Bumrah the "most valuable primate" during the Gabba Test, acknowledging potential offense caused by her remark. Guha clarified her intentions were to praise Bumrah and expressed regret for the poor choice of words, emphasizing her advocacy for equality and inclusion in cricket. Former India coach Ravi Shastri commended Guha's public apology, while Bumrah continued his impressive performance on the field. Full Article
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