The Federal Court has dismissed ASIC's responsible lending case against Westpac and ordered the regulator to pay the bank's costs.
ASIC had alleged that Westpac breached responsible lending laws on up to 262,000 home loan approvals made using an automated process that relied on the Household Expenditure Measure benchmark, rather than using each applicant's individually assessed living costs., finding that it was ambiguous and that the parties did not actually agree on what the responsible lending laws required and, therefore, how many loans were in breach and what the penalty should be.
ASIC, a useless organisation run by overpaid incompetents constantly embarrassed by corporations who overpower them into submission, or so it seems!
Next when u have a bank loan all ur income will need to go direct into the bank & they will give u an allowance for food & living until loan is paid. They will then direct u their related companies for groceries, healthcare, insurance etc win win bankingrc farce auspol
Surprise surprise the biggest winners from bankingrc r the banks now they can scrutinise every customer down to what jocks they buy giving them power to profile people to all related business interests scam sham auspol farce banking rc
Banks will bankingRC love this reasoning as they help Australians borrow even more. Why eat Wagu when a thin wafer will do? auspol danziffer sdanck JEChalmers
mikejanda Maybe the law is poorly drafted and the legislation obviously needs reviewing if nobody actually knows the standard to be applied.
mikejanda How many witnesses did ASIC bring forward to the case? I believe none is the answer.
The bank always wins
Has ASIC won anything, ever? auspol