Banks slam ASIC for suggesting they do their job

ASIC wants banks to stop or augment their use of the Household Expenditure Measure (HEM) but the banks have expressed their disdain in new submissions to the regulator released today:

WBC: “Accurately verifying basic and discretionary living expenses using transactional account data is currently not feasible and in Westpac’s experience, would be of limited value.”

NAB: “This is not as simple as checking a customer’s declared figure against a line item in a bank statement.”

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