ASIC takes Westpac back to court on responsible lending

Via The Australian:

The corporate regulator is squaring up for a responsible lending case against Westpac Bank in May, after an embarrassing setback in the Federal Court last month.

The Australian understands the Australian Securities and Investments Commission and Westpac will now face a case management meeting on April 12 and then attend an eight day hearing starting on May 6.

It’s unclear whether this is a new hearing or another attempt to get the former $35m settlement cleared.

Either way, a corrupt RBA will no doubt be spewing.

Comments

  1. I want to see a responsible lending deatmatch!

    Chairman Shipton, chastened by the RC will want to get a massive scalp soon. If they can’t get Westpac on this one, they’ll chase someone else, I hope.

  2. And this is why the property market wont recover. The banks now know that ASIC and the regulators got their asses kicked and were made out to be fools at the RC, now they are pissed and have to show that they wont put up this crap going forward. No lender now will go back to old ways when individuals can face jail time.Property mkt party gone and these idiots who say good time to buy and will only last another 6 moths are delusional!

    • Change of appointed heads at ASIC and APRA in 3…2…1…
      Change of approach/priorities at ASIC and APRA in 6…5…4…

      • Yes painted into a corner with both hands tied behind their backs. There will be Zero wiggle room after the RC hands in their final report and recommendations

    • Hayne as a QC I believe will have a very good understanding of the law and more importantly about how power circumvents justice and erodes democracy.

      I think recommendations will include bank break up on this basis. Solving the power issue will address most of the others.