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A judge has given the thumbs up to AMP's new program to identify and compensate victims of so-called insurance churning by its financial planning arm after inadequacies were revealed in the original scheme.
The Australian Securities and Investments Commission has filed an appeal against the Federal Court’s responsible lending ruling in favour of Westpac, arguing the decision had created uncertainty around the obligations of credit providers.
The CEO of Lottoland says the company has “finally been vindicated” by a court ruling that overturned a decision by the Australian Communications and Media Authority that outlawed a number of its jackpot betting services.
Westpac has defeated a responsible lending case brought by the Australian Securities and Investments Commission in relation to almost 262,000 home loans, with the Federal Court finding the corporate regulator misinterpreted the operation of national lending laws.
The Australian Securities and Investments Commission has asked a court to impose penalties of up to $36 million on an AMP subsidiary for failing to take reasonable steps to stop its representatives from churning life insurance policies.