All posts tagged "Sean Hughes"
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223Australia & NZAustralia Launches ‘Buy Now Pay Later’ Code of Conduct
The code makes AFCA membership compulsory and incorporates ASIC’s new design and distribution obligations regime.
February 27, 2021 -
79Australia & NZTargeted Product Intervention to Lead to ‘Less Regulation’: ASIC
Commissioner Sean Hughes said ASIC will only need to intervene when there are signs of harm and misconduct, emphasising the checks and balances in place.
February 23, 2021 -
71Australia & NZASIC Seeks Penalties from CBA for Overcharged Interest
Due to a systems error, CBA charged more than 1,510 customers a higher interest rate than they were advised, amounting to A$2.2 million in overcharged interest.
February 17, 2021 -
1.1KAustralia & NZ
Underinvestment in Data, Tech a Root Cause of Breaches: ASIC
Underinvestment in data and technology systems creates operational risks, delays in picking up problems, and costly remediation programmes, says ASIC commissioner Sean Hughes.
November 16, 2020 -
434Australia & NZ
ASIC Issues ‘Best Interests’ Guidance for Mortgage Brokers
Starting from 1 January 2021, ASIC will be closely monitoring conduct and outcomes to ensure mortgage brokers are effectively complying with the best interests duty.
June 25, 2020 -
632Australia & NZ
ASIC Offers Clarity on Responsible Lending Obligations
ASIC has clarified when a licensee might undertake more or less detailed inquiries and verification steps based on different consumer circumstances and the type of credit being sought.
December 10, 2019 -
581Australia & NZASIC Bans Cold Call Selling of Life Insurance, CCI Products
The ban on unsolicited cold-call sales of direct life and consumer credit insurance follows a A$700,000 penalty against CBA's CommInsure for hawking offences.
December 5, 2019 -
661Australia & NZ
ASIC Bans Lending Model Found to Cause Consumer Detriment
ASIC is using its product intervention power to end a practice that has to date enabled payday lenders to charge fees up to 1000% of the loan amount.
September 14, 2019 -
505Australia & NZASIC Ordered to Pay Westpac Costs in Case Dismissal
In 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, 2019 -
834Australia & NZ
ASIC Review Finds Widespread Mis-selling of Consumer Credit Insurance
ASIC plans to take "significant enforcement action" against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.
July 12, 2019
