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ACCC: Australian Competition and Consumer Commission

   

Added on  2020-03-23

12 Pages2654 Words43 Views
Political Science
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Business and Corporation Law 1Business and Corporation Law
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Business and Corporation Law 2Executive SummaryACCC (Australian Competition and Consumer Commission) is an independent authority ofAustralian government. In 1995, ACCC was established with an aim to administer the TradePractices Act, 1974 with the amalgamation of the Australian Trade Practices Commission(TPC) and the Prices Surveillance Authority. The functions of Australian Competition andConsumer Commission is to perform industry regulation and price monitoring, protectbusiness rights and obligations consumer rights and prevent illegal anti-competitivebehaviours. The competitive and consumer Act is administered by ACCC. Australia andNew Zealand Banking Group Limited is known as ANZ. This is the fourth largest bank ofAustralia. In the case ACCC vs. ANZ limited, according to Australian Competition andConsumer Commission, ANZ limited wish to limit the refundable amount that could beprovided by mortgage bank to its customers for the arrangement of ANZ home loans. So asper Australian Competition and Consumer Commission, this is the case of price fixingagreement in breach of the act. ANZ has two brands in New Zealand. One is ANZ andsecond is the National Bank of New Zealand. The industry of ANZ is banking and financialservices.
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Business and Corporation Law 3Table of ContentsExecutive Summary...................................................................................................................2Introduction................................................................................................................................4Facts of the case.........................................................................................................................5Full Federal Court’s decision.....................................................................................................5Reaction of ACCC against the judgement.................................................................................6Reasons behind court’s decision................................................................................................7Duties breached by ANZ............................................................................................................8Impact of court’s decision on the operating of companies in Australia.....................................9Conclusion................................................................................................................................10References................................................................................................................................11
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Business and Corporation Law 4IntroductionThe case was related to ANZ’s wish that Mortgage refunds agree to limit the refund amountfor the customers in respect of arranging ANZ home loans. Australia and New ZealandBanking Group Limited is providing the mortgage loans to customers through internet andexternal channels. Mortgage refunds are an independent firm which is engaged in thedistribution of mortgages of ANZ. Mortgage refunds are offering refund to customers fromsome part of its commission if its mortgages are approved by ANZ (MacCallum, 2016). TheACCC’s claim was that ANZ is providing loan arrangement facilities to its customersinternally. ACCC had fought two cases of fixing of prices. One was against Fight centre andother was against ANZ. In the case related to Fight centre, the Australian Competition andConsumer Commission alleged that Fight centre entered into contract with three airlines tomaintain the prices for air travel. This report describes in detail the facts of the case, theduties breached by ANZ, the decision of Full Federal court and the reasons behind thedecision.
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