ASIC has decided not to appeal the dismissal of its responsible lending case against Westpac; instead it will review its existing guidance and recommend legislative reforms.
July 23, 2020Despite its recent Federal Court loss, ASIC was right to appeal the dismissal of its responsible lending case against Westpac, says bank conduct specialist Dr Andy Schmulow.
July 11, 2020The changes include guaranteed features for basic bank accounts and the removal of overdraft and dishonour fees on basic, low fee or no fee accounts.
March 2, 2020The case will focus on NAB's alleged failure to transfer A$6.3mn of accrued default amounts to MySuper in a timely fashion, as required by law.
January 27, 2020ASIC has started contacting large companies as part of an investigation into climate risk governance. The findings are expected in July 2020.
December 12, 2019A review of Australia's financial counselling sector has recommended that the big four banks fund half of the initial contributions immediately needed to expand delivery of such services.
October 7, 2019ASIC will expand its use of behavioural sciences, data and technology and position itself as a more strategic and agile regulator.
August 29, 2019In September, Westpac admitted to breaching responsible lending laws and agreed to a A$35mn settlement with ASIC. The settlement was rejected and the case has been dismissed.
August 14, 2019Draft bill to end unfair terms in insurance contracts released on Tuesday; bill to end grandfathering of conflicted remuneration to being introduced Thursday.
July 31, 2019Australia may emerge as a world-leader in RegTech adoption as a remedy to banking culture and misconduct issues, say Jeff Kupfer and Stephen Scott at Starling Trust.
May 8, 2019