Westpac admits to breaching responsible lending obligations when providing home loans and a $35 million civil penalty.
That's more like it ASIC!
Well done for holding out for a substantial penalty!
This also means that ASIC has almost recovered the same amount of penalties in the first two months of the 2018-2019 financial year that they recovered in the whole of the 2017-2018 financial year. Last year total recoveries were only $35.1m whilst this year ASIC has already already recovered $35m.
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