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 .
Westpac has agreed to pay out AUD 1m ($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 1m ($690,000) paid by the bank, which will be spent over four 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.