Asic Blames The Banks

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The corporate regulator has defended its responsible lending approach in the wake of a disastrous court case and speculation it is to blame for a tightening of credit. Liberal Senator Andrew Bragg pressed the point that the regulator needed to be more open and transparent about the number of enforcement actions and investigations. Commissioner Sean Hughes said it was important that ASIC pursued cases where it thought it had a good chance of success and clarified the law when uncertainties arose. Liberal senator James Paterson questioned ASIC’s decision to appeal, while Liberal MP Jason Falinski pressed the regulator on what it expected to achieve with the challenge. “If the judgment is allowed to stand there is a risk that lenders can say … ‘Well I can do whatever I like,’ Mr Hughes said. “If issues are left too wide open, standards can drop,” Mr Shipton said. The case was heard by Justice Nye Perram who dismembered the bank’s arguments in the now-famous ‘’wagyu and shiraz’’ judgment.

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