Powered by MOMENTUM MEDIA
moneymanagement logo
 
 

ASIC's $1.8 million+ failed pursuit of Westpac

ASIC/westpac/

12 August 2020
| By Mike |
image
image image
expand image

The Australian Securities and Investments Commission (ASIC) has revealed the high cost it has paid in unsuccessfully pursuing legal action against Westpac over responsible lending.

The regulator has revealed to a Parliamentary Committee that it spent over $1.8 million on the failed litigation.

What is more, having lost the case in the Federal and Full Federal Court the regulator will be facing payment of some or all of Westpac’s costs.

Answering questions on notice from the Parliamentary Joint Committee on Corporations and Financial Services, ASIC said that its expenditure on the Westpac responsible lending litigation in the Federal and Full Federal Court was $1,830,569.

“This amount is up to 30 June 2020 and includes the cost of ASIC’s pre-litigation investigation,” the answer said. “At this time, Westpac has not indicated to ASIC what its costs are.”

ASIC’s pursuit of Westpac was a part of its “if not, why not” approach to pursuing litigation.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 week 2 days ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 weeks 2 days ago

So we are now underwriting criminal scams?...

6 months 2 weeks ago

After last month’s surprise hold, the Reserve Bank of Australia has announced its latest interest rate decision....

1 week 3 days ago

A professional year supervisor has been banned for five years after advice provided by his provisional relevant provider was deemed to be inappropriate, the first time th...

3 weeks 2 days ago

WT Financial’s Keith Cullen is eager for its Hubco initiative to see advice firms under its licence trade at multiples which are catching up to those UK and US financial ...

2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
3