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To Prime Minister Morrison
My Husband and myself invested our money into Sterling New Life for security and assurance and a 40 yr lease.
At the time of signing in October 2017, we signed up with them for an eazy-move contract which assured us that we could move into this house when our previous house was sold.
We moved here on 31st January 2018 but in November last year my Husband was diagnosed with Cancer. He passed away in April this year and then on top of that, I got the bombshell that SNL was going into liquidation.
I was totally shocked and appalled that at 78yrs of age, I was going to lose all my money and not only that, to have to exist on a single pension!
Why is it that ASIC has sat back and done stuff all to help, not only me but all the other...
Jul 15
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ASIC tallies Westpac’s responsible lending law breaches
The Australian 12:00am May 7, 2019
Anthony Klan
Westpac broke responsible lending laws more than 260,000 times in just over three years, the corporate watchdog had told the Federal Court in Sydney this morning.
Lawyers for the Australian Securities & Investments Commission said between December 2011 and March 2015, Westpac engaged in a “systematic approach” of ignoring the living expenses loan applicants had stated on application forms. Instead it relied on broad living expense “benchmarks”, which, if they were true, would in some cases have meant the loan applicant was already living on, or close to, the poverty line, ASIC told the court.
ASIC said Westpac failed to properly verify the actual financial positions of borrowers a total of 261,987 times.
In 154,351 of those cases, the bank also failed to use correct figures when assessing if borrowers taking out interest-only loans could...
May 19
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ASIC responsible lending crimps credit: ANZ and NAB
John Kehoe
27 March 2019
https://www.afr.com/news/economy/asic-responsible-lending-crimps-credit-anz-and-nab-20190327-p517xu
ANZ Banking Group and National Australia Bank are at loggerheads with corporate cop James Shipton, who has slammed bankers for spreading a "myth" that the regulator's responsible lending crackdown is exacerbating a credit squeeze.
ANZ chief executive Shayne Elliot said bankers reacting cautiously to the Australian Securities and Investments Commission's more stringent application of lending standards meant some home buyers and businesses "will find it harder to borrow". He also rebuffed ASIC chief prosecutor Dan Crennan's ambitions to lock bankers in jail, in response to questions from Liberal MP Tim Wilson about unintended consequences from a royal commission-inspired clampdown. "People should pay the consequence of poor behaviour or misconduct or breaking the law," Mr Elliott said at a parliamentary hearing in Canberra.
"I would have thought the right outcome here is not how many people are in jail but do we have a fully functioning financial system that is responsible and generating good outcomes for our...
Mar 28
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NAB axes controversial home loan referral program
Sydney Morning Herald March 25, 2019 6.14pm
Clancy Yeates
Real estate agents, lawyers and sports clubs will no longer be able to receive payments from National Australia Bank for helping sell home loans, in a move aimed at rebuilding trust after the bank's reputation took a battering at the royal commission.
Acting chief executive Phil Chronican on Monday announced the axing of NAB's "introducer" scheme, to take effect from October, saying that scrapping the payments was "the right thing to do".
Referral schemes, such as NAB's introducer program, are used by banks as a way of drumming up business. They involve paying a type of spotter's fee to people who refer customers to the bank if they end up taking out a loan.
NAB made nearly $100 million in such payments between 2013 and 2016, offering commissions of 0.4 per cent of loans,...
Mar 27
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The big banks' nice earners are melting away
Australian Financial Review Mar 22, 2019 11.00pm
Karen Maley
After months of crippling humiliation before the Hayne commission, the last thing the country's big four banks wanted was another portent of looming competition.
But that's exactly what they got in September when the country's largest super fund, AustralianSuper, announced it was committing £230 million ($425 million) to finance a new office, hotel and residential unit development in London, known as One Crown Place.
It was a logical next step for AustralianSuper, which had already lent some $1 billion to Australian companies, but almost always in tandem with one of the big four local banks.
In contrast, there were no local banks in sight in the One Crown Place deal – which boosted AustralianSuper's international loan exposure to more than $2 billion. In that transaction, AustralianSuper found itself rubbing shoulders with major global banks.
It was a...
Mar 24
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