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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.

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