Volkswagen Financial Services Australia Pty Ltd paid a penalty of A$216,000 to cover 20 infringement notices issued by ASIC for alleged misleading statements in its '1% you can't ignore' advertising campaign. The ads were run in various newspapers, on flyers and on websites, and said particular Volkswagen models were available for purchase on finance for a set weekly payment, but either had no further information, or used "fine print". According to ASIC, there was insufficient disclosure of a significant balloon payment payable at the end of the finance contract to retain ownership of the vehicle; and that the finance contract was only for a period of 48 months. Significant dealer administration fee may also be imposed by the relevant Volkswagen dealer for arranging finance. The Financial Stability Board Regional Consultative Group for Asia met in Sydney yesterday, hosted by co-chair, RBA Governor Philip Lowe. According to an FSB media release, the first items up for discussion were: vulnerabilities in the global financial system; and the changes fintech might bring to the financial sector - for example, the spread of virtual currencies and e-payments. Members then turned their attention to the withdrawal of correspondent banking and remittance service providers' access to the banking system because, in affected jurisdictions, it may impact the ability to send and receive international payments, or drive some payment flows underground. Differing experiences with use of macroprudential policies to address the risks of rising housing prices - for instance, a consequent rise in household debt - were also discussed, along with initiatives to strengthen financial market integrity; and the role that a firm's culture plays in misconduct. Outgoing NRMA chair Kyle Loades will join the board of Credit Union Australia as an independent director from December. CUA said Loades' appointment fills a vacancy created by the retirement of CUA chairman Alan Beanland early this month.