Original article by Richard Gluyas
The Australian – Page: 21 : 20-Nov-19
A parliamentary committee has been told that the total cost of customer remediation programs in the financial services sector has now topped $10bn. However, the Australian Securities & Investments Commission’s deputy chair Karen Chester said that customers have only been paid $660m in compensation to date. Meanwhile, ASIC chairman James Shipton has indicated that the corporate regulator will release updated guidance on responsible lending obligations before the end of 2019.
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. JOINT STATUTORY COMMITTEE ON CORPORATIONS AND FINANCIAL SERVICES, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC