Australian regulator appeals against court dismissal of Westpac lending case

Credit: REUTERS/DAVID GRAY

Australia's corporate watchdog on Tuesday said it had lodged an appeal against a court decision dismissing its accusations that second-largest lender Westpac Banking Corp had approved mortgages without appropriate credit checks.

Sept 10 (Reuters) - Australia's corporate watchdog on Tuesday said it had lodged an appeal against a court decision dismissing its accusations that second-largest lender Westpac Banking Corp WBC.AX had approved mortgages without appropriate credit checks.

Last month, the Federal Court ruled against the Australian Securities and Investments Commission (ASIC), saying the lender had obeyed the law when approving 262,000 home loans using an automated system to estimate expenses.

The regulator initially began Federal Court proceedings in March 2017.

(Reporting by Rashmi Ashok in Bengaluru; Editing by Clarence Fernandez)

((Rashmi.Ashok@thomsonreuters.com; +918067491689;))

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