Amex Fined $8 Million Over Unsuitable David Jones Credit Cards

Amex Fined $8 Million Over Unsuitable David Jones Credit Cards
Credit card is seen in front of displayed American Express logo in this illustration taken on July 15, 2021. Dado Ruvic/Reuters
AAP
By AAP
Updated:
0:00

American Express has been hit with an $8 million (US$5.4 million) fine after failing to ensure customers were suitable for two co-branded David Jones credit cards

The development is a win for the Australian Securities and Investments Commission (ASIC) in the first case it launched over what are known as design and distribution obligations (DDO).

AAP
AAP
Author
Australian Associated Press is an Australian news agency.