American Express sued for David Jones credit cards after customers thought they ... trends now
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David Jones-branded credit cards issued by American Express were not only unsuitable but also confused people into thinking they were loyalty cards, ASIC has claimed.
In a lawsuit filed in the Federal Court Tuesday, the Australian Securities and Investments Commission is seeking penalties from Amex, claiming the firm failed to ensure its credit cards were appropriate for those who applied for them.
The case is the first to be filed over breaches of design and distribution obligations. It targets conduct relating to the David Jones American Express Card and the David Jones American Express Platinum Card from October 2021 to July this year.
In a lawsuit filed in the Federal Court Tuesday, the Australian Securities and Investments Commission is seeking penalties from Amex over its David Jones branded cards
ASIC deputy chair Sarah Court said these obligations forced companies issuing financial products to take a 'consumer-centric approach' through what is known as a target market determination.
'Product providers must monitor and review whether
