A loan may solve a problem but is it really helping the borrower take responsibility?
Yellow Brick Road is selling its wealth business to rival Sequoia Group in a $2.5m deal boss Mark Bouris says was driven by a lack of scale and increasing regulation.
ASIC says Volkswagen Financial Services Australia did not make appropriate checks while providing consumer loans over a three-year period.
The corporate watchdog has responded to claims that responsible lending rules are ambiguous and choke off access to credit by issuing fresh guidelines.
ASIC has shot down claims its approach to responsible lending is crimping credit flows,as it waits for a chance to contest the'wagyu and shiraz'judgment.
Shares in Cash Converters have surged after it settled a class action suit accusing it of effectively charging rates of over 175 per cent on short-term loans.
The royal commission called for urgent change to banks’ profit-driven lending practices. It is up to ASIC,the regulator,to apply the law and hold them to account.
ASIC says the ruling creates uncertainty over what is required of banks to make"reasonable inquiries"about a borrower's financial circumstances,and whether a loan is suitable.
If August’s house price growth rate in Sydney and Melbourne is maintained for the next year,they will have risen 19.2 per cent and 16.8 per cent respectively but no sensible economist is predicting such an outcome.
Mortgage Choice chief executive Susan Mitchell says that large numbers of lenders were not verifying borrowers'commitments.
Many are often blissfully unaware about their credit score until they apply for a loan.