Westpac's bad advice will shave A$357m off 1st-half cash earnings

Tue, 30 Apr 2019

By Jenny Ruth May 1 (BusinessDesk) - Westpac says its first-half cash earnings will be reduced by A$357 million because of provisions to “remediate” ongoing advice service fees. However it still doesn’t know the full extent of such costs. The Sydney-based bank is announcing these provisions in the wake of Australia's royal commission into financial services that highlighted fees being charged for poor or non-existent advice and even the charging of dead people. Westpac will need to work out what of its advice falls into these categorie...

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