Precise Investors

Friday, December 3, 2021
Latest News

Big banks to cut deals with ASIC over lending practices

The big banks are expected to cut deals with the Australian Securities and Investments Commission after an investigation into lending practices that led the regulator to announce legal proceedings against Westpac on Wednesday.

The regulator identified lax lending standards at a number of institutions after launching an investigation into the banks that began in 2014-15, with the findings expected to emerge during the next month.

It is expected those revelations will not take the form of litigation as in the case of Westpac but rather negotiated outcomes between the banks and ASIC in the form of an agreed-upon enforceable undertaking.


The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply