Regulation

The lender’s CEO said the proposed changes to the responsible lending obligations would make the mortgage process easier for “some” borrowers and could lead to a quicker answer from the bank

The major bank’s CEO has reiterated that responsible lending changes could simplify the lender’s processes and improve mortgage approval times.

The financial services regulator is taking Westpac to court over allegations it supplied consumer credit insurance to certain customers when they had not requested or agreed to buy it.

The major bank has been ordered to pay the penalty for overcharged interest after the court had previously said that it made false or misleading representations on over 12,000 occasions.

Westpac Group has reverted to pre-COVID policies around the portion of bonus income allowed to be used for serviceability assessment.

The Victorian government has asked the Commonwealth to explore the option of mandating a maximum margin between credit card interest rates and the cash rate.

Australian banks have launched updated guidelines on financial abuse to ensure that staff are equipped to recognise signs of financial abuse.

The prudential regulator has upped Macquarie’s liquidity and operational risk capital requirements following “multiple material” breaches of standards.

The financial services regulator has commenced proceedings against the big four bank over allegations it charged approximately $55 million in monthly access fees to customers when it was not ...

The banking association has reiterated its calls for consistent powers of attorney laws to prevent elder financial abuse.