ASIC takes responsible lending case back to federal court

In yesterday’s appeal to the Full Court of the Federal Court, the Australian Securities and Investments Commission (ASIC) slammed last year’s landmark Federal Court ruling in favour of Westpac that validated the bank’s automated home loan approval process for hundreds of thousands of mortgages:

The corporate watchdog has slammed parts of the Federal Court’s now-famous “Wagyu beef and shiraz” judgment as “extraordinary” and based on “thought experiments”.

Noel Huntley, SC, appearing for the Australian Securities and Investments Commission, described parts of the original judgment as “fundamentally wrong” before a full court on Tuesday.

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