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  • February 2016: ASIC released two reports 'Buying add-on insurance in car yards' and 'The Sale of Life Insurance Through Car Dealers.'
  • April 2016: ASIC fined Capital Finance Australia $493,000 for breached consumer protection provisions for repossession
  • December 2016: Enforceable Undertaking against BMW Australia Finance for $77 million for organisational failings and unacceptable consumer lending outcomes. 

2016

2017

  • February 2017: Enforceable Undertaking from Inhouse Finance Group for $400,000 
  • April 2017: $1.2 million fine and enforcement proceedings against Channic, Cash Brokers, and directors, for breaches of consumer credit protection laws.
  • May 2017: Enforceable Undertaking from Motor Finance Wizard for $11 million relating to customer affordability assessments. 

2018

  • February 2018: $5 million fine against ANZ for income verification failings.
  • March-November 2018: Macquarie Group, Toyota Financial Services and Latitude Finance were scrutinised during the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry for their car loan practices. 
  • November 2018: ASIC proposed a ban on flex commissions (DCAs) commencing 1 November 2021. 

2019 

to 2020

  • December 2019: ASIC 'Responsible Lending' guidance on when additional inquiries and verifications of consumer circumstances are required, spending reductions and benchmarking. 
  • October 2020: Enforceable Undertaking against Volkswagen Financial Services Australia totalling $4.7 million for policy, procedure, and customer circumstance failings. 

2023

  • May 2023: ASIC commenced civil penalty proceedings against Money3 Loans alleging breaches of its responsible lending obligations. 
  • November 2023: ASIC announced 'Misconduct relating to used car financing to vulnerable consumers including brokers, car dealers and finance companies' as an enforcement priority for 2024. 
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