Westpac has agreed to pay out AUD 1 m ( $ 690,000 ) following concerns expressed by Australia 's financial regulator , the Australian Securities and Investments Commission ( ASIC ) , that the bank may not have followed sensible lending rules when it used automated processes to assess applications for credit card limit increases . It called for tougher responsible lending laws, saying banks should be made to assess a borrowers' capacity to repay funds over a "reasonable" period, which could be about three years. In addition to the AUD 1 m ( $ 690,000 ) paid by the bank , which will be spent over three years to improve financial literacy , the bank has also agreed to change its processes and has launched a training program that might result in compensation being paid to those in financial difficulties due the bank 's behaviour .
Westpac has agreed to pay out AUD 1 m ( $ 690,000 ) following concerns expressed by Australia 's financial regulator , the Australian Securities and Investments Commission ( ASIC ) , that the bank may not have followed sensible lending rules when it used automated processes to assess applications for credit card limit increases . In addition to the AUD 1 m ( $ 690,000 ) paid by the bank , which will be spent over three years to improve financial literacy , the bank has also agreed to change its processes and has launched a training program that might result in compensation being paid to those in financial difficulties due the bank 's behaviour .