Judge tears up $35m settlement between ASIC and Westpac in lending case

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The corporate regulator and Westpac Banking Group have been forced to go back to the drawing board after the Federal Court threw out the bank’s offer to pay a $35 million settlement | sdanck

 

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Federal Court rejects $35m Westpac fine | Sky News AustraliaThe Federal Court has rejected a $35 million fine applied to Westpac for inappropriate lending practices after questioning how the figure was reached.\n\nThe settlement had been reached two days after hearings were supposed to start, and was due to be the biggest fine for breaching national credit laws in Australia's history.\n\nYour Money reporter Leo Shannahan says the settlement rejection shows the Court is being 'very cautious' about approving fines between big banks and ASIC in light of broad public dissatisfaction, and the royal commission.\n\nThe two parties will return to the court for direction at the end of the month.\n\n\n\n\n\n Chump change. Should be $3.5 billion Can you imagine if one of us small broker did that? We will lost our license or jail! $35 million is like being find for 35c!
Source: SkyNewsAust - 🏆 7. / 78 Read more »

'Plainly ridiculous': Judge challenges ASIC's push to fine Westpac $58mASIC has asked the court to fine Westpac $58 million for rigging a key interest rate, while the bank is arguing it should be fined $3.3 million.
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Michael Clarke's coin toss falls foul of ASICIn cricket, as in markets, timing is everything. Unfortunately for Michael Clarke the timing of his foray into cryptocurrencies appears more than a little off Yorked
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Judge blocks Westpac's $35m deal with ASIC for breaching lending lawsIn a highly unusual move, the Federal Court refuses to approve a $35 million penalty for Westpac, despite the bank admitting it broke responsible lending laws and agreeing to settle with the regulator. What’s the point in fining them? They are only going to pass on the fee to their customers. How about jail time and firing dodgy staff. Plus abolishing the outdated bank loan system that is based on life in 1950.
Source: abcnews - 🏆 5. / 83 Read more »

Consumer groups highlight Afterpay risks as ASIC prepares reportASIC declined to acknowledge whether buy now, pay later companies like AfterPay should be subject to stronger regulation | ColinJKruger ColinJKruger No different to a credit card or a payday lender ColinJKruger So if ASCI isn't commenting the stock should rally 11%! Claretrun ColinJKruger hey colin, gotta keep pumping that negative sentiment even when the regulator who has been investigating them for 12 months says they only want product intervention powers. Keep on keeping aussie startups down, really contributing to the country, mate
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'Run like you're on fire': Whistleblower for ASIC says corporate watchdog abandoned himSydney mortgage broker and former banker Graeme Holm says ASIC demanded his cooperation and then abandoned him to an online smear campaign. Former Police Officer FLORI who outed the bashing of a male in the Surfers Paradise Police Station basement by others was charged over outing the video of the unlawful behavior? So much for whisteblowers? He had to rely on the jury who threw it out. The problem with ASIC is that the Howard government outsourced the company registration and financial aspects to private tender, effectively isolating investigation/prosecution from funding. They got what they wanted from him......ASIC will now see him burn......
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ASIC wants to be top cop on super beatThe corporate cop would take the lead in policing conduct in the $2.8 trillion superannuation sector under a proposed shake-up by the country's two top financial regulators.
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