The Australian Securities and Investments Commission (ASIC) has rejected claims from a number of consumers of bank misconduct in commercial lending, stating that there is not enough evidence to take legal action. In its decision on Thursday, the ASIC said it had received complaints about alleged breaches by banks including Westpac Banking Corporation, National Australia Bank (NAB) and ANZ Bank, which were made between 2009 and 2013.
The Australian Securities and Investments Commission (ASIC) has rejected claims from a number of consumers of bank misconduct in commercial lending, stating that there is not enough evidence to take legal action. Some of the complaints refer to the Commonwealth Bank, who allege that the bank defaulted customers after it bought Bankwest at the peak of the global finance crisis, as it needed to claw back some of the acquisition price; the bank denies the allegations.