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.
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.
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.
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.
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.
2016
2017
2018
2019
to 2020
2023
