Regulation

The Federal Court has ordered the major bank to pay a $1.5 million penalty for mis-selling consumer credit insurance with its credit cards and Flexi Loans.

The Council of Financial Regulators has mulled introducing further lending clamps, as high DTI loans have grown to almost a quarter of the banks’ new mortgages.

The Australian Securities and Investments Commission is suing Macquarie Bank, alleging the lender failed to monitor third-party withdrawals from customer accounts.

The Reserve Bank has appointed its first female deputy governor in its 62-year history.

The regulator has announced changes to its executive line-up, including a new CFO and general counsel.

The latter end of last year saw the value of court-imposed civil penalties via ASIC almost triple compared to the preceding six months.

The Reserve Bank governor has expressed confidence in current lending standards and the ability of borrowers to weather a rate rise.

Competition lawyer Gina Cass-Gottlieb has commenced her five-year term as chair of the ACCC.

Both the corporate and prudential watchdogs have set about slimming down their regulatory burden on industry, but the APRA chair has said it will take time.

For the first time in more than a decade, the banking and financial services industry wasn’t served with the most class action lawsuits of any sector.