“You are the face of unconscionable greed.”For the banking industry, it has been a bad end to a year that started with some promise. Westpac, which had been leading the push, looked to be gaining ground after a court victory in August against the corporate regulator, the Australian Securities and Investments Commission, over responsible lending standards. It has not changed, and that is the worrying thing about the bank.”Standards in banking were even lower than in politics, he said. In addition to Asic’s fee-for-no-service lawsuit it is sweating on the outcome of another industry-wide investigation by the corporate regulator into junk credit card insurance, an issue over which it faces another class action. The other banks also face more pain at the hands of an Asic whose spine has been stiffened by the royal commission.

Source: The Guardian December 27, 2019 18:56 UTC