These included the failure of several banks to properly assess customers' living expenses, and wrong calculations about what customers' repayments would be. 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. The regulator said in a statement on Monday that Westpac's decision was "disappointing" given its role as an institution of high integrity with strong standards of governance and accountability.
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. The regulator said in a statement on Monday that Westpac's decision was "disappointing" given its role as an institution of high integrity with strong standards of governance and accountability.