ASIC takes Westpac back to court on responsible lending

Tuesday, 18 December 2018

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.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.