American Express Australia Ltd fined $8 million by Federal Court for not reviewing target market determinations for David Jones co-branded credit cards.
American Express Australia Limited (Amex) has been fined $8 million by the Federal Court for failing to meet design and distribution obligations (DDO) for two co-branded credit cards distributed at David Jones stores. The court found that Amex did not review target market determinations (TMDs) despite high cancellation rates suggesting that the TMDs were no longer appropriate. This is the first case of its kind brought by the Australian Securities and Investments Commission (ASIC) over DDO.
July 19, 2024
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