Australian regulator will not appeal Westpac lending case

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“ASIC is mindful of the impact of the additional time required to resolve this matter in the current challenging economic circumstances,” the Australian Securities and Investments Commission said in a statement.

Last month, the court dismissed the lawsuit accusing Australia’s second largest lender of having approved mortgages without adequate credit checks.

It was Australian banking’s most prominent lawsuit after a Royal Commission inquiry found evidence of widespread misconduct in the financial sector in 2018 and 2019.

The regulator said it would review its updated regulatory guidance for credit licensing.

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