Judge says bank ‘utterly failed to address the issues systematically’ as its total penalties for misconduct rise to $130m
Westpac has been fined $40m for charging advice fees to more than 11,800 dead people – the last in a series of misconduct cases brought by the corporate watchdog.Westpac has been fined $40m for charging advice fees to more than 11,800 dead people – the last in a series of misconduct cases brought by the corporate watchdog.Last modified on Fri 22 Apr 2022 07.15 BST
The Australian Securities and Investments Commission launched the six cases against Westpac in November, accusing the bank of charging financial advice service fees to the dead, double-charging for insurance, collecting and paying illegal commissions, failing to properly disclose fees, allowing company accounts that should have been closed to stay open and selling personal debts to collectors at an interest rate higher than allowed.
“The breaches found by the court in these six cases demonstrate a profound failure by Westpac over many years and across many areas of its business to implement appropriate systems and processes to ensure its customers were treated fairly,” Asic’s deputy chair, Sarah Court, said.
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