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ASIC recently announced CBA failed to meet its Responsbile Lending Obligations

ASIC NewsPaul Schultz

ASIC recently announced CBA failed to meet its Responsbile Lending Obligations

ASIC recently announced CBA would be fined $180k for failures in meeting its responsible lending obligations. CBA self-reported the matter to ASIC after identifying a systems failure in calculating consumers' ability to service approved overdrafts, affecting more than 9000 consumers.   This is a graphic example, and BMW Finance is another, that demonstrates that ASIC requires ALL Licenced persons (ACL holders & Credit Representatives) to ensure they meet their responsible lending obligations. Both these examples involved failures around 'proper accounting' for living expenses.

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