Who Me? Bank to face the courts

ME BANK will square off against the corporate regulator and Commonwealth Director of Public Prosecutions in November, after the lender was hit with 62 criminal charges linked to a home loan redraw scandal.

ME – which was acquired by Bank of Queensland for almost $1.33bn earlier this year – will face the charges in the Federal Court. The Australian Securities & Investments Commission has accused ME of making false and misleading representations to mortgage customers and failing to provide appropriate notice about interest rate changes.

In a statement on Wednesday, the regulator said the charges against ME were the first criminal prosecution under consumer protection provision S12DB of the ASIC Act. When BOQ announced the purchase of ME in February, its capital raising documents highlighted the risk of potential action from the corporate regulator, linked to the poor handling of the ME redraw change. The acquisition terms include regulatory indemnities in the event ME faced penalties or legal action over the incident.

If the maximum penalties are imposed for all the charges levelled at ME, it will face a penalty of almost $95m.

ASIC said 44 of the charges related to letters issued by ME to home loan customers between September 2016 and September 2018, which allegedly made “false and misleading” representations.

The regulator says the representations were inaccurate around customers’ relevant annual interest rates, and or the minimum repayment to be paid after the fixed-rate period or interest-only period expired.

The other 18 charges centre on ASIC’S allegations that ME failed to give written notice to home loan customers that their annual rates and minimum repayment amounts were changing after their interest-only rate and or fixedrate period expired. That related to conduct between December 2016 and February 2018. After the charges were initially filed in May, the case is scheduled to return to court on November 3.

ARIES MAR 21 - APR 20

Life would be much simpler if there weren’t ‘other people’ to deal with. There’d be no one to wind us up, no one to let us down, no one to stand in our way, and no one to argue with. But there’d also be no one else to take the blame when things go wrong. When we’re on our own, it’s much easier to remember that we’re responsible for our actions. Even if someone in your world is behaving badly, you don’t have to respond in a similar way. As your ruler, Mars, settles into a new sign, if you offer an olive branch, their reaction will surprise you. Free audio and video forecasts. Go to ozfree.cainer.com

LEO JUL 24 - AUG 23

Something’s changing. From now on, things are going to be different. You can’t carry on in quite the same way. As Mars settles into a new sign, you’re going to draw a line under the past and keep it well away – not just from your future but from your present too. You’re being empowered to alter a situation so that you can find a sense of satisfaction you’ve only been able to dream of. It’s time to get out and get cracking. Focus on your strengths and take advantage of the energy available. Seize the opportunities coming your way. For free audio and video forecasts, visit ozfree.cainer.com.

SAGITTARIUS NOV 23 - DEC 21

You need to make the most of a situation you don’t fully comprehend and which you’re finding increasingly frustrating to deal with. Yet, despite the fact that you feel uncomfortably embroiled, you’re making progress. With enthusiastic Mars in a new sector of the sky, as long as you keep taking things step by step, and stay optimistic, your positive approach will bring about a change you’ve been longing to see. You have far more, far better reasons to keep your dearest hope alive than you think. Keep going … and keep hoping. For free audio and video forecasts, visit ozfree.cainer.com

Tonight, I’m honouring Mexican Independence Day with a delicious Central American feast; although, with all those beans being consumed, it seems slightly incongruous that the UN has chosen today to campaign for the preservation of the ozone layer. As Mars settles into Libra, we’re being urged to take actions that suit the moods of the people around us. With Venus linking to Saturn, preserving traditions and protecting values is prioritised. A balance between selfsatisfaction and other people’s wellbeing can be struck.

TAURUS APR 21 - MAY 21

When we’re under pressure, and have no choice other than to act, the desperate measures we resort to sometimes turn out to be inspired. But, for the most part, our most brilliant ideas happen when we’re feeling confident; within our comfort zone but pushed to the brink of our knowledge. That’s when we formulate ideas and are open to experimenting with the unknown. Instinctively, we know what to keep and what to throw away. Put those capabilities to their full use today, and you could achieve something truly remarkable. For free audio and video forecasts, visit ozfree.cainer.com

VIRGO AUG 24 - SEP 23

We can’t always tell that we’re in a state of confusion. I mean, that’s the point, isn’t it? It’s hard enough to be objective at the best of times. But if we go too long without that lens of objectivity we risk falling into even greater confusion. Why am I mentioning this? No, I’m not trying to tell you that you’re confused – in fact, quite the opposite. You’re being given an opportunity to see an old situation with fresh eyes. Don’t let pride prevent you from making the most of the clarity of your vision. Take advantage of the moment, and act. For free audio and video forecasts, visit ozfree.cainer.com

CAPRICORN DEC 22 - JAN 20

‘What can we know, if not ourselves’? Although this sounds sensible enough in principle, in reality, of course, it’s not that simple. In place of certainty, confidence, and conviction we often have to deal with uncertainty, doubt and confusion. And, in a society that values success, it can be difficult to admit to our fears, and to request the help we need. And, it’s far easier to stick with silly choices rather than subject ourselves to embarrassment. Be big enough to know what you don’t know today. The help you need is available. For free audio and video forecasts, visit ozfree.cainer.com

GEMINI MAY 22 - JUN 22

Is a problem really a problem when, for most of the time, you can forget that you’ve got it? Or when it’s pushing you to do something that needs to be done – and that you can only gain from doing? A real problem occurs when it devours so much of our time and energy that we can think of nothing else. If it makes us feel overwhelmed. When we realise that we’re not enjoying what we’re doing with our lives, we have to make changes. With Mars in a new sign, if you resolve to enjoy yourself, you’ll have plenty of reasons to smile. For free audio and video forecasts, visit ozfree.cainer.com.

LIBRA SEP 24 - OCT 23

When people have a lot in common; when they fervently agree on nine out of ten issues – the tenth area, where there’s a difference of opinion, can become an extremely touchy subject. Arguments over the point of conflict can be hotter than the arguments between folk who completely disagree with one another. With Mars settling into your sign, you don’t need to allow a minor difference of opinion grow into a major source of confrontation. You have the insight to be able to offer an alternative (harmonious) way of moving forwards. For free audio and video forecasts, visit ozfree.cainer.com

AQUARIUS JAN 21 - FEB 19

Imagine you’ve had a tip and have decided to place a bet on a horse. If it’s a certainty, the odds probably won’t be good. But what is a certainty? They tell us that ‘the only certainties are death and taxes’ – and there seem to be a lot of rich people who manage to avoid the latter. And those of a spiritual disposition argue that death is only a mysterious transformation rather than a finality. Surely the joy of life is that it’s full of uncertainty? As Mars settles into a new home, you can be certain that something good is happening. For free audio and video forecasts, visit ozfree.cainer.com

CANCER JUN 23 - JUL 23

Decisions are scary things. Once they’ve been made, it’s hard to unmake them. They have consequences that we have to deal with. When we decide on one thing (and not another) we put ourselves on the line. Yet there’s an undeniable liberating effect too. Although you’ve taken an irrevocable step, you still have some wiggle room. While you can’t completely backtrack on your choice because you’ve set a ball rolling, as Mars settles into a new sector of the sky you’ll soon see that the results of your decision are positive. For free audio and video forecasts, visit ozfree.cainer.com

SCORPIO OCT 24 - NOV 22

These days, there are so many different insurance packages available that we can cover ourselves for all eventualities. Yet do they ever bring true peace of mind? People spend vast quantities of precious time, energy and money worrying about possibilities that are unlikely ever to happen. Mars, in a new sign, enables you to concentrate on likely problems. If something’s only ‘possible’ you can deal with it when (or if) it starts to look like becoming a reality. Focus your positive energy on what matters more than everything else today. For free audio and video forecasts, visit ozfree.cainer.com

PISCES FEB 20 - MAR 20

They tell us to ‘count our blessings’. But, what on earth for? Are we just supposed to push the drudgery and the frustrations of daily life under the carpet? Why not say it as it is? To be honest, I didn’t expect to hear such cynicism from you. Oops. I wrote that, not you. Yet isn’t it true that you’re feeling misunderstood and underappreciated? It might be a bit of a cliché to say that when we look for the good in life we often find more of it than we expect. But, with Mars in a new sign, an optimistic approach will bring happiness your way. For free audio and video forecasts, visit ozfree.cainer.com.