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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Friday, 24 January 2020

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Borrow

ASIC appeals Westpac’s ‘responsible lending’ win

By Grace Ormsby · September 11 2019

Reading:

Borrow

ASIC appeals Westpac’s ‘responsible lending’ win

By Grace Ormsby
September 11 2019

Reading:

ASIC appeals Westpac’s ‘responsible lending’ win

By Grace Ormsby · September 11 2019

Reading:

The corporate regulator has announced that it has filed an appeal against the recent Federal Court ruling that Westpac had not breached responsible lending provisions in its granting of home loans between 2011 and 2015.

At the time, Westpac was found not to be in breach of its obligations by Justice Nye Perram, who said “the act requires a credit provider to ask itself only whether ‘the consumer will be unable to comply with the consumer’s financial obligations under the contract’ or, alternatively, whether the consumer ‘could only comply with substantial hardship’.”

The decision was considered as a test case for the legislation surrounding obligations on credit providers and what actually constitutes the provision of ‘responsible’ lending.

The decision had followed a concession by Westpac that it had granted 100,000 loans “without sufficiently assessing their suitability”.

In announcing the appeal, ASIC commissioner Sean Hughes said that “the Credit Act imposes a number of legal obligations on credit providers, including the need to make reasonable inquiries about a borrower’s financial circumstances, verifying information obtained from borrowers, and making an assessment of whether a loan is unsuitable for the borrower”.

“ASIC considers that the Federal Court’s decision creates uncertainty as to what is required for a lender to comply with its assessment obligation, nor does ASIC regard the decision as consistent with the legislative intention of the responsible lending regime,” he continued.

“For those reasons, ASIC will appeal to the Full Court of the Federal Court,” the commissioner stated.

The ASIC announcement comes less than a week after law firm Slater and Gordon announced it was filing a class action against Westpac subsidiaries BT Funds Management Ltd and Westpac Life Insurance Services Ltd, which alleged that thousands of superannuation members were shortchanged by their funds and not provided with “valuable” service.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.