Eleven top lenders warned on dodgy consumer credit insurance; APRA tells NAB, ANZ, Westpac to hold $500m additional risk capital

ASIC has warned eleven major lenders of "significant enforcement action" after finding consumer credit insurance is "extremely poor value" and has consistently failed consumers. 

Also the prudential regulator APRA has told three major banks to put aside an additional $500 million in capital to deal with risk management issues and remediation stemming from the banking Royal Commission.

I speak with ASIC commissioner Sean Hughes and banking analyst Brett le mesurier.