September 4, 2018 / 4:38 AM / 2 months ago

Australia's Westpac fined $25 mln for wrongly processing home loans

SYDNEY, Sept 4 (Reuters) - Australia’s second-biggest lender Westpac Banking Corp agreed to pay a A$35 million ($25 million) fine after admitting to wrongly assessing people’s ability to repay mortgages, the corporate regulator said on Tuesday.

Westpac admitted to either failing to collect the necessary customer data or incorrectly calculating customers’ ability to repay loans in relation to about 100,000 home loans from 2011 to 2015, the Australian Securities and Investments Commission said.

“This is a very positive outcome and sends a strong regulatory message to industry that non-compliance with the responsible lending obligations will not be tolerated,” ASIC chairman James Shipton said in a statement. ($1 = 1.3912 Australian dollars) (Reporting by Byron Kaye; Editing by Stephen Coates)

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