Original article by Clancy Yeates
The Age – Page: 25 : 5-Sep-18
Westpac has been hit with a fine of $35 million after having admitted to breaching consumer credit protection laws. The breaches occurred between 2011 and 2015, when Westpac used an automated system to approve 10,500 home loans. In settling its case with the Australian Securities & Investments Commission, which had been due to go before the Federal Court, Westpac agreed on 4 September that the loans should have been approved by a credit offer. ASIC had launched its case against Westpac over the loans in 2017.
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY