The code makes AFCA membership compulsory and incorporates ASIC’s new design and distribution obligations regime.
February 27, 2021Commissioner 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, 2021Due 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, 2021Underinvestment in data and technology systems creates operational risks, delays in picking up problems, and costly remediation programmes, says ASIC commissioner Sean Hughes.
November 16, 2020Starting 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, 2020ASIC 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, 2019The 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, 2019ASIC 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, 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, 2019ASIC 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