Regulator ASIC has launched its final case coming out of the banking royal commission, closing the door on any more court action for banks that ripped billions of dollars from customers. When royal commissioner Kenneth Hayne's final report came out nearly three years ago, it referred 13 cases to the Australian Securities and Investments Commission for investigation. Predictions come true …
You could almost smell the fear. At least two chief executives of the Big Four banks have since privately and independently confided that when the documents were released, they immediately searched for any recommendations about a toughening of responsible lending laws. The three big rewinds of business and banking Last Friday, in a surprise move, Treasurer Josh Frydenberg committed the …
That's the universal response I've been hearing from consumer rights advocates to the Federal Government's proposed abolition of the responsible lending obligations. As the Consumer Action Law Centre observed, the Government's proposed changes to the National Consumer Credit Protection Act are "a solution in search of a problem". "The Commonwealth Bank recently said that the flow of credit is above …