Banks outsource loan assessments to China

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Via Herald Sun comes post-Hayne Royal Commission banking:

Home loan applications with the big banks are being assessed offshore in countries including India and China without customers’ knowledge, startling new findings have revealed.

An investigation by News Corp Australia can reveal three of the nation’s big four banks — ANZ, National Australia Bank and Westpac — all use offshore third parties to help with the processing of mortgage applications.

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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.