trending Market Intelligence /marketintelligence/en/news-insights/trending/7yKJXfr8-g0gYeHXqaN0Hw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Australia's Federal Court dismisses responsible lending case against Westpac

Street Talk Episode 56 - Latest bank MOE shows even the strong need scale to thrive

South State CenterState MOE Shows Even The Strong Need Scale To Thrive

Talking Bank Stocks, Playing The M&A Trade With Longtime Investor

Report: Kashkari Says Fed In Holding Pattern But Rate Cut Still Possible


Australia's Federal Court dismisses responsible lending case against Westpac

Australia's Federal Court dismissed the Australian Securities and Investments Commission's responsible lending case against Westpac Banking Corp.

Justice Nye Perram found in favor of Westpac and dismissed the ASIC's proceedings with costs, the Australian bank said.

ASIC commenced proceedings against Westpac on March 1, 2017, alleging that the bank's automated assessment system used a benchmark, namely the Household Expenditure Measure, for consumer expenses and did not have regard to the actual expenses provided by the consumer. The regulator also alleged that when Westpac assessed home loans with an interest-only period, it did not acknowledge the higher repayments at the end of the interest-only period, as required.

Westpac had previously agreed to an A$35 million settlement with ASIC in connection to the case, but the Federal Court rejected the settlement in November 2018.

Perram found that Westpac did take account of consumers' declared living expenses because another rule in Westpac's system compared declared living expenses to income, according to the ASIC.

The commission said the case is a "test" and was taken on due to the need for "judicial clarification of a cornerstone legal obligation on lenders." The regulator said it is "reviewing the judgment carefully."