Westpac has been hit with $113 million in penalties and will issue $80 million in remediation after it was found to have made widespread compliance failures.
Westpac has been ordered to pay $113 million in penalties after the Federal Court found it had made widespread failures across its banking, wealth management, insurance and superannuation businesses, including charging fees to 11,800 deceased customers.
Westpac agreed to pay the penalties in November 2021 following the ASIC action, with the agreed settlement previously flagged on Westpac’s balance sheet. Westpac was also issued a $15 million penalty for distributing duplicate insurance policies to more than 7000 customers, causing customers to pay for unneeded coverage.
“Westpac, like all licensees, has an obligation to be honest and fair in its provision of financial services,” said Ms Court. “Despite this, Westpac failed to prioritise and fund the systems upgrades necessary to help fulfil this obligation.”
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