ASIC has confirmed that Westpac will provide refunds or allow interest rate discounts, or both, to owner-occupiers who have interest-only home loans with the bank. The refunds amount to A$11 million for 9,400 of those customers. The remediation follows an error in Westpac's systems where up to 13,000 interest-only home loans were not automatically switched to principal and interest repayments at the end of the contracted interest-only period. As a result, affected customers did not start paying any principal on their loans at the time agreed with the bank, and now have less time to repay the principal amount of their loans. These customers would also have paid more in interest. ASIC and Westpac are continuing to discuss an appropriate remediation program for investor customers with interest-only loans affected by the same system error. Mortgage Choice's inaugural "Australian Financial Savviness Whitepaper" shows 77 per cent of Australians considered themselves to be good with their money. "Those over the age of 60 and those under the age of 30 boast the highest proportion of 'financially savvy' individuals," Mortgage Choice chief executive officer John Flavell said.  Just over 60 per cent of those Australians who labelled themselves 'money smart' said they reviewed their finances regularly, checking their bank accounts at least once weekly. Meanwhile, 68 per cent of 'money smart' Australians said they save more than 10 per cent of their pay for 'rainy day' expenses, while 68 per cent said they thoroughly researched their financial options online before making any final decisions with their money. Credit Simple, a wholly owned subsidiary of illion (formerly Dun & Bradstreet), a credit reporting and data analytics firm, has launched Clear Name. This platform enables businesses to present outstanding debt in a clear, non-confrontational way that puts the onus on the individual to take action. At the same time, consumers will now have greater control over how they manage and clear outstanding debt, with the twin incentives of accessing competitive discounts and clearing defaulted debts. A default happens when a payment to a credit account is at least 60 days overdue. People will be able to use Clear Name through the CreditSimple.com.au site. New Zealand's Commerce Commission has ordered TSB Bank Ltd to repay customers who were overcharged for terminating fixed term lending agreements. TSB was also undercharging some customers, thanks to an error in the way it was calculating break fees between 2008 and February 2016. According to interest.co.nz, TSB will be making refunds to around 2800 customers, costing the bank around NZ$476,000. TSB self-reported the error to the Commission as soon as it identified it. ASIC has permanently banned husband and wife, Shrikrishna and Shilpa Karandikar, from engaging in credit activities. According a media release from ASIC, an investigation found that from mid-2014 to February 2016, Mrs Karandikar acted as an intermediary between consumers and NAB for the purpose of securing a home loan, contrary to the terms of an ASIC order banning her from