ASIC has initiated civil penalty proceedings against Ausfinancial Pty Ltd, trading as Swoosh Finance, in the Federal Court. The proceedings allege that Swoosh breached its responsible lending obligations and design and distribution obligations. Read on for more information about these proceedings.
Continue readingASIC has issued a final stop order against Indy-C, effectively preventing the company from offering Centrepay credit arrangements to consumers at its Katherine store. This decisive action follows an ASIC Delegate’s determination that Indy-C failed to make a Target Market Determination (TMD), a crucial requirement to ensure that financial products are suitable for consumers’ needs and objectives.
Continue readingThe Australian Securities and Investments Commission (ASIC) has announced that American Express Australia Limited (Amex) has been ordered to pay an $8 million penalty. This penalty arises from Amex’s failure to comply with its design and distribution obligations under the Corporations Act 2001 (Cth).
Continue reading
