Westpac Fined For Compliance Failures In Proceedings Filed By ASIC

(RTTNews) - The Federal Court has ordered Westpac to pay A$113 million in penalties for compliance failures across multiple businesses, including Westpac's banking, superannuation, wealth management and insurance brands. This is in relation to the last of six separate civil penalty proceedings filed by ASIC against Westpac in November 2021 penalising Westpac $40 million for charging advice fees to over 11,800 deceased customers. Westpac admitted to the allegations in each of the proceedings and will remediate more than $80 million to customers.

ASIC Deputy Chair Sarah Court said: "Over the course of 13 years, more than 70,000 customers have been affected by these failures, either by being incorrectly charged or given the wrong information."