All posts tagged "Sean Hughes"
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448Australia & NZASIC 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 -
458Australia & 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 -
529Australia & 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 -
374Australia & 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 -
714Australia & 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 -
457Australia & NZ
ASIC to Target Short Term Credit Industry With New Powers
Queensland-based Cigno and its associate, Gold-Silver Standard Finance, are the focus of ASIC's proposed first use of its new product intervention power.
July 10, 2019 -
542Australia & NZ
ASIC to Hold Public Hearings on Responsible Lending
The public hearings will provide a "robust and transparent way" to air issues and views raised in written submissions responding to ASIC's February consultation on responsible lending.
July 2, 2019 -
668Australia & NZ
ASIC Consults on Updates to Responsible Lending Guidance
ASIC's existing guidance allows a tailored approach to applying responsible lending obligations, but licensees may be applying them where the law does not require it.
February 14, 2019
