Westpac's Aussie parent to pay A$113m in penalties

Tue, 30 Nov 2021

Westpac's Australian parent said it has agreed with the Australian Securities and Investments Commission (ASIC) to pay A$113 million (NZ$118m) to settle six separate longstanding "matters".These include charging the dead for advice, providing incorrect interest rate information to borrowers, and wrongly issuing duplicate general insurance policies with customers' consent.The other three matters are inadequate disclosure of adviser fees received for certain super and investment products, its process for identifying and managing...

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