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ACL Fundamentals

CASE INSIGHT

Australian Securities and Investments Commission v Australia and New Zealand Banking Group Limited (Retail Cases Omnibus) [2025] FCA 1593

ASIC v ANZ (Retail Cases Omnibus) [2025] FCA 1593 examines systemic failures across hardship notices, bonus interest and deceased-estate administration. The decision highlights the need for reliable customer-outcomes systems, accurate records, effective monitoring and board oversight of recurring operational compliance failures.
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CASE INSIGHT

Australian Securities and Investments Commission v National Australia Bank [2025] FCA 947

ASIC v National Australia Bank [2025] FCA 947 examines systemic failures to provide timely hardship responses to financially vulnerable customers. The decision highlights the need for reliable workflow controls, daily monitoring of continuing contraventions and effective remediation where statutory notices are missed.
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CASE INSIGHT

Australian Securities and Investments Commission v Westpac Banking Corporation [2026] FCA 651

In ASIC v Westpac Banking Corporation [2026] FCA 651, the Federal Court imposed a $26 million penalty for systemic failures in Westpac’s online financial hardship processes. The decision highlights the need for end-to-end complaint capture, reliable system controls, timely hardship decisions and effective protection against premature enforcement.
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CASE INSIGHT

Australian Securities and Investments Commission v The Cash Store Pty Ltd (in liq) [2014] FCA 926

In ASIC v The Cash Store Pty Ltd (in liquidation) [2014] FCA 926, the Federal Court found systemic responsible-lending failures and unconscionable sales of consumer credit insurance to vulnerable payday-loan customers. The decision highlights the need for proper inquiries, verification, suitability assessments and effective oversight of outsourced credit functions.
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CASE INSIGHT

Australian Securities and Investments Commission v National Australia Bank Limited [2020] FCA 1494

*ASIC v National Australia Bank Ltd* [2020] FCA 1494 examines NAB’s introducer program, 260 credit law contraventions and a $15 million penalty. The case highlights the risks of unlicensed referral activity, weak third-party controls, sales incentives and inadequate oversight of credit distribution channels.
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Step 1 of 8 - Your Role

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Assess your ASIC exposure

Answer a few targeted questions to identify where your compliance may not stand up under ASIC review.

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What best describes your role?