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BRIEF-Bank Of Queensland Says ASIC Launches Unfair Contract Terms Proceedings Against Co

Published 04/09/2019, 09:29 am
Updated 04/09/2019, 09:30 am
© Reuters.  BRIEF-Bank Of Queensland Says ASIC Launches Unfair Contract Terms Proceedings Against Co
BOQ
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Sept 4 (Reuters) - Bank of Queensland Ltd BOQ.AX :

* AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION (ASIC) HAS COMMENCED PROCEEDINGS AGAINST BOQ IN FEDERAL COURT OF AUSTRALIA

* ASIC LAUNCHES UNFAIR CONTRACT TERMS PROCEEDINGS AGAINST BOQ

* PROCEEDINGS RELATE TO CONTRACT TERMS IN CERTAIN SMALL BUSINESS CONTRACTS ENTERED BETWEEN NOV 2016 & JUNE 2019

* HAS TAKEN IMMEDIATE ACTION TO ADDRESS VAST MAJORITY OF ASIC'S CONCERNS

* HAS PROACTIVELY COMMENCED A REVIEW OF ALL SMALL BUSINESS LENDING CONTRACTS ENTERED INTO FROM NOVEMBER 2016

* IF BOQ IDENTIFIES ANY SMALL BUSINESS CUSTOMERS WHO HAVE BEEN ADVERSELY AFFECTED, IT WILL COMPENSATE THEM

* WHILE REVIEW ONGOING, BELIEVES POTENTIAL TOTAL COMPENSATION TO BE LIMITED AND NOT IMPACT CO'S FINANCIAL PERFORMANCE

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