Westpac's $35m responsible lending law settlement with ASIC rejected by federal court judge

A federal court judge has refused to approve a $35 million penalty agreed to by Westpac even though the bank admitted breaking responsible lending laws. 

Justice Nye Perram said "admirable ingenuity had been applied" by ASIC and Westpac's lawyers to "gloss over the the very real differences which exist between them" and said he was not in a position to judge whether the $35 million fine was appropriate.  

Here's my report on The World Today where I also speak with HIH royal commissioner Neville Owen