Cigno has appealed a ruling shooting down its challenge to the first action brought by ASIC under its powers to prohibit ‘predatory’ financial products, which targeted the payday lender’s model of short-term credit lending.
Payday lender Cigno has lost a challenge to the corporate regulator’s first action under powers to prohibit ‘predatory’ financial products that targeted its model of short-term credit lending.
ASIC has criticised a Federal Court judge for his ‘thought experiments’ around prospective home loan applicants feasting on Wagyu beef and shiraz, as the regulator challenges the judge’s dismissal of its responsible lending case against Westpac.
The Federal Court has imposed a penalty of almost $5.2 million on AMP Financial Planning after finding it was “reckless” in its ālamentable failureā to properly respond to a now banned adviser who was churning life insurance for higher commissions.
Unique International College has been slapped with a $4.165 million penalty after a court found the defunct vocational trainer engaged in unconscionable conduct in enrolling students in courses costing up to $22,000.
Westpac has offered an appeals court two more reasons to affirm its victory in a closely watched responsible lending case brought by the Australian Securities and Investments Commission over almost 262,000 home loans.
A judge has given the thumbs up to AMP’s new program to identify and compensate victims of so-called insurance churning by its financial planning arm after inadequacies were revealed in the original scheme.
The Australian Securities and Investments Commission has filed an appeal against the Federal Courtās responsible lending ruling in favour of Westpac, arguing the decision had created uncertainty around the obligations of credit providers.
The CEO of Lottoland says the company has āfinally been vindicatedā by a court ruling that overturned a decision by the Australian Communications and Media Authority that outlawed a number of its jackpot betting services.
Westpac has defeated a responsible lending case brought by the Australian Securities and Investments Commission in relation to almost 262,000 home loans, with the Federal Court finding the corporate regulator misinterpreted the operation of national lending laws.