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CBA self-reported to ASIC that it failed to meet its Responsible Lending Obligations

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CBA self-reported to ASIC that it failed to meet its Responsible Lending Obligations

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September 26, 2016 03:31pm | ASIC News | Paul Schultz

ASIC recently announced the 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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