ASIC sues Westpac over junk credit insurance sales tactics
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updated 1
AprApril 2021 at 5:21am
Westpac is being taken to the Federal Court by ASIC over its sale of consumer credit insurance.
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A controversial practice where consumers are sold junk insurance when they go to take out a home loan, credit card, or even buy a plane ticket, will be scrutinised in court, following action by the corporate regulator against Westpac.
Key points:
ASIC is suing Westpac over its sale of consumer credit insurance in 2015 to almost 400 customers
The practice saw consumers sold insurance on the potential of default at the time when they signed up to credit cards
Banking royal commission recommendations flounder, two years on
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FebFebruary 2021 at 1:44am
The Government has, on some counts, only implemented just over a third of Kenneth Hayne s recommendations so far.
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Key points:
Of its 76 recommendations, only about one-third have come into law
Some key protections have been downgraded or abandoned
Two years ago, the final report of the banking royal commission exposed a culture of rapacious greed, of profits and shareholders being put before customers and the law.
But there has been slow progress to fix the scandals exposed.
The aftermath of the 2018 probe killed the careers of the chief executives and chairs of several of Australia s top banks: AMP, NAB and Westpac. Court battles against IOOF, NAB, the Commonwealth Bank, Allianz and more have been won, lost or are ongoing.