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In this episode of The nestegg Podcast, host Maja Garaca Djurdjevic checks in with our three experts, digging into the biggest headlines in the world of superannuation, property, investing and wealth creation, as well as touching on the new Omicron scare.

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Steve Waters, director of Right Property Group, talks about investing in a unit and whether first-time investors should put their money into a well-located apartment over a house in a regional setting. He touches on new versus old units and what history tells us.

RMIT senior lecturer of finance Dr Angel Zhong covers equity crowdfunding, what it is and how it’s trending. Dr Zhong also talks about legalities as well as risks for retail investors.

Finally, tax and super guru Timothy Munro chats about industry super funds turning to courts to amend their trust deeds and why this needs to stop. Mr Munro also chats about investing your super in crypto and the implications.

Have a question for our experts? Get in touch at [email protected], and you might get featured on the next episode.

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How much is the wagyu and shiraz case costing taxpayers?

By Cameron Micallef

August 12 2020
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Invest

How much is the wagyu and shiraz case costing taxpayers?

By Cameron Micallef
August 12 2020

ASIC has disclosed the preliminary legal bill for its responsible lending case against Westpac.

How much is the wagyu and shiraz case costing taxpayers?

By Cameron Micallef

August 12 2020
Share

ASIC has disclosed the preliminary legal bill for its responsible lending case against Westpac.

The case centred on Westpac’s use of an automatic process to approve hundreds of thousands of home loans, substituting would-be borrowers’ actual living expediter for a relatively low benchmark, the Household Expenditure Measure.

In his judgment last year, Justice Perram found that a customer’s current living expenses weren’t an important indicator of whether they could afford the loan, contending expenses could be cut if necessary.

The Australian Securities and Investments Commission (ASIC) has revealed that its proceedings against Westpac Group for alleged breaches of responsible lending have cost taxpayers at least $1.83 million.

The costs include expenses from a pre-litigation investigation of Westpac’s conduct, as well as charges associated with proceedings in the Federal Court and the regulator’s appeal to the Full Federal Court.

However, the costs exclude Westpac’s litigation expenses, which the court ordered ASIC to pay after its appeal was dismissed.

ASIC stated that Westpac is yet to disclose its expenses to the corporate regulator.

The litigation costs were revealed in a response to a question on notice from Liberal senator and chair of the parliamentary joint committee on corporations and financial services, James Paterson, from a public hearing held last month.

The public hearing was held prior to ASIC’s decision to accept the Full Federal Court’s judgement, which the regulator had considered appealing to the High Court.

Senator Paterson had questioned whether a move to take the matter to the High Court would be counterintuitive.

“As we’ve discussed in this case previously, it’s ASIC’s aspiration to have clarity in the law and that’s what you said the appeal could provide,” he said.

“Obviously, that clarity could also be provided by ASIC accepting the court’s ruling of what the law is.

“Now that you’ve appealed once and been unsuccessful, is it really wise for ASIC to create further uncertainty with another appeal?”

The regulator has since announced that in light of the Full Federal Court’s decision, it would review its updated regulatory guidance and consider the implications of the Federal Court’s decision on compliance practices.

ASIC issued its new guidance in December 2019, after holding two rounds of public consultation with industry stakeholders.

The principles-based guidance was designed to provide lenders with greater clarity and flexibility amid uncertainty off the back of scrutiny from the banking royal commission.

However, ASIC has stressed that prospective reforms of the National Consumer Credit Protection Act to further clarify the enforcement of responsible lending obligations is “ultimately a matter for the federal government and Parliament”.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.