Briefs: ASIC payday case thrown out of court, Call for FSI implementation, ANZ appoints new UDC CEO, 01 July 2015 3:37PM Banking Day staff Briefs, The Federal Court has dismissed legal action brought against two payday lenders by the Australian Securities and Investments Commission. The court dismissed an application for orders, ruling that Teleloans Pty Ltd and Finance & Loans Direct Pty Ltd operated outside the reach of the National Consumer Credit Protection Act. Australia's major banks have a serious trust issue, underlining the need for the implementation of Financial System Inquiry recommendations, according to a survey commissioned by the Customer Owned Banking Association. Respondents said diversity in banking was important and only seven per cent said they had a high degree of trust in the big banks. COBA chief executive Mark Degotardi said: "The polling shows consumers want financial advice they can trust and clearer product information." New Zealand finance company UDC Finance, a subsidiary of ANZ, has appointed Wayne Percival to replace departing chief executive Tessa Price. Percival, who currently heads the specialist distribution team for ANZ's retail and business banking division, is to take over from Price in August after she moves into a new Melbourne-based role as chief of staff for ANZ CEO Mike Smith. New Zealand bank lending to households grew NZ$1.629 billion or 0.7 per cent in seasonally adjusted terms to NZ$217.6 billion in May from April, which was the fastest monthly growth rate since December 2007. The lending surged as fixed mortgage rates fell through May in anticipation of the Reserve Bank of New Zealand's cut in the official cash rate on June 11 and as Auckland's housing market boomed. Net lending to households was up 5.5 per cent in May from a year ago, while business lending was up 6.1 per cent from a year ago and farm lending rose 6.4 per cent.