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30 days agoWestpac Fined $13 Million for Home-Loan Misconduct by Australian Regulator
Australia’s Federal Court imposed a $13 million AUD penalty on Westpac’s mortgage division for irresponsible lending and misleading documentation practices affecting more than 10,000 customers. The Australian Securities and Investments Commission (ASIC) said the bank failed to properly verify borrower income and expense records between 2019–2022. Westpac accepted the ruling and pledged enhanced compliance controls and automated auditing systems for loan processing. The fine adds to broader scrutiny across Australia’s banking sector as regulators push for responsible lending standards to curb systemic risk amid rising household debt.
Companies:
- Westpac
Tags:
- economy
- Australia
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30 days agoWestpac Fined $13 Million for Home-Loan Misconduct by Australian Regulator
Australia’s Federal Court imposed a $13 million AUD penalty on Westpac’s mortgage division for irresponsible lending and misleading documentation practices affecting more than 10,000 customers. The Australian Securities and Investments Commission (ASIC) said the bank failed to properly verify borrower income and expense records between 2019–2022. Westpac accepted the ruling and pledged enhanced compliance controls and automated auditing systems for loan processing. The fine adds to broader scrutiny across Australia’s banking sector as regulators push for responsible lending standards to curb systemic risk amid rising household debt.
Companies:
- Westpac
Tags:
- economy
- Australia
1 min read
87 words
Westpac was fined A$13 million for irresponsible mortgage practices, as Australia tightens banking oversight and enforces higher consumer-protection standards.
Australia’s Federal Court imposed a $13 million AUD penalty on Westpac’s mortgage division for irresponsible lending and misleading documentation practices affecting more than 10,000 customers. The Australian Securities and Investments Commission (ASIC) said the bank failed to properly verify borrower income and expense records between 2019–2022. Westpac accepted the ruling and pledged enhanced compliance controls and automated auditing systems for loan processing. The fine adds to broader scrutiny across Australia’s banking sector as regulators push for responsible lending standards to curb systemic risk amid rising household debt.
Australia’s Federal Court imposed a $13 million AUD penalty on Westpac’s mortgage division for irresponsible lending and misleading documentation practices affecting more than 10,000 customers. The Australian Securities and Investments Commission (ASIC) said the bank failed to properly verify borrower income and expense records between 2019–2022. Westpac accepted the ruling and pledged enhanced compliance controls and automated auditing systems for loan processing. The fine adds to broader scrutiny across Australia’s banking sector as regulators push for responsible lending standards to curb systemic risk amid rising household debt.
Companies:
- Westpac
Tags:
- economy
- Australia
- economy
- Australia
- banking
- regulation
- finance
Oct 27, 2025 • 04:12