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AAP
AAP
National
Miklos Bolza

Amex fined $8m over unsuitable David Jones credit cards

David Jones American Express ASIC
American Express has been penalised over its co-branded David Jones credit cards. (Matthias Engesser/AAP PHOTOS)

American Express has been hit with an $8 million fine after failing to ensure customers were suitable for two co-branded David Jones credit cards

The development is a win for the Australian Securities and Investments Commission in the first case it launched over what are known as design and distribution obligations (DDO).

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