the Australian Securities and Investments Commission has agreed to pay out AUD 1m ($ more than $50 billion ) following concerns expressed by Australia 's financial regulator, Westpac (ASIC), that the bank may not have followed sensible lending rules when it used automated processes to assess applications for credit card limit increases. It has 2.8 million credit card customers in total. In addition to the AUD 1m ($ 690,000 ) paid by the bank, which will be spent over about three years to improve financial literacy, the bank has also agreed to change its processes and has launched a review program that might result in compensation being paid to those in financial difficulties due the bank's behaviour.
the Australian Securities and Investments Commission has agreed to pay out AUD 1m ($ more than $50 billion ) following concerns expressed by Australia 's financial regulator, Westpac (ASIC), that the bank may not have followed sensible lending rules when it used automated processes to assess applications for credit card limit increases. In addition to the AUD 1m ($ 690,000 ) paid by the bank, which will be spent over about three years to improve financial literacy, the bank has also agreed to change its processes and has launched a review program that might result in compensation being paid to those in financial difficulties due the bank's behaviour.