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Showing 1 - 10 of 19 results for "National Consumer Credit Protection Act"

ANZ hit with $15m penalty for misleading customers

ANDREW MCKEAN  |  TUESDAY, 26 SEP 2023
... in select credit card accounts. The Court found that ANZ breached both the ASIC and the National Consumer Credit Protection Act by falsely indicating that customers could access a cash advance from funds listed as 'Available Funds' without incurring ...

Court fines ANZ for dodgy introducer program

KARREN VERGARA  |  MONDAY, 13 MAR 2023
... for similar misconduct. In October 2020, the Federal Court found that NAB breached the National Consumer Credit Protection Act by using introducers who did not have a licence. Sixteen 16 NAB bankers accepted information and documents in support of at ...

ANZ told to pay $25m for 20-year failure

JAMIE WILLIAMSON  |  THURSDAY, 27 OCT 2022
... ruled in ASIC's favour, saying ANZ contravened the ASIC Act, the Corporations Act, and the National Consumer Credit Protection Act. It said ANZ made false or misleading representations to certain customers when it represented that it had, and would continue ...

ASIC cancels AFSLs

ANNABELLE DICKSON  |  TUESDAY, 25 MAY 2021
... also failed to maintain its membership with AFCA. "Under the Corporations Act 2001 and National Consumer Credit Protection Act 2009, ASIC may suspend or cancel an AFSL and ACL if the licensee is no longer providing financial services, ceases to engage ...

AFCA forced into rule change

ELIZABETH MCARTHUR  |  FRIDAY, 22 JAN 2021
... regarding their authorised representatives as set out in the Corporations Act and the National Consumer Credit Protection Act. The new rules will come into effect from 13 January 2021, but complaints received before that date are still being assessed ...

NAB to pay $15m for Royal Commission case study

ELIZABETH MCARTHUR  |  MONDAY, 19 OCT 2020
... revealed at the Royal Commission. ASIC brought proceedings against NAB for contravening the National Consumer Credit Protection Act, which prohibits credit licensees from conducting business with persons engaging in credit activity without an Australian ...

Responsible lending laws to be revoked

ANNABELLE DICKSON  |  FRIDAY, 25 SEP 2020
... boost the economy. The reforms will remove the responsible lending obligations from the National Consumer Credit Protection Act 2009 aiming to reduce the time and cost of credit assessments for both consumers and businesses. In addition, the simplified ...

ASIC will not appeal wagyu and shiraz decision

ANNABELLE DICKSON  |  THURSDAY, 23 JUL 2020
... what implications the Federal Court decision has for that guidance. "Any reform of the National Consumer Credit Protection Act (National Credit Act) to clarify further the enforcement of those principles is ultimately a matter for the Federal Government ...

Westpac to review business units

JAMIE WILLIAMSON  |  MONDAY, 4 MAY 2020
... provided with business loans where they should have been provided with loans protected by the National Consumer Credit Protection Act and the National Credit Code, and the estimated compensation for customer's on the group's platforms that weren't ...

CBA in court over RC case studies

ELIZABETH MCARTHUR  |  MONDAY, 16 MAR 2020
... Federal Court. ASIC alleges CBA contravened the responsible lending provisions of the National Consumer Credit Protection Act 2009 (National Credit Act) when it lent to a customer, David Harris, who had notified the bank he was a problem gambler. The ...
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