Financial regulator takes on Westpac
The Australian Securities and Investments Commission (ASIC) yesterday launched legal proceedings against Westpac for allegedly charging hundreds of customers for ‘junk’ consumer credit insurance without their consent. It covers consumers who might not meet their minimum loan repayments because they get sick or lose their jobs. But ASIC says in mid-2015, Westpac charged nearly 400 customers who had signed up for credit cards for the insurance without their knowledge. And it’s alleged Westpac broke the law when they told those customers they’d agreed to buy the policies. Westpac says it is “carefully considering these claims and is committed to working constructively with ASIC through the court process.”
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