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Stock impact report

Westpac to likely pay $81 mln for charging dead people, other breaches [Reuters]

Westpac Banking Corporation (WBK) 
Company Research Source: Reuters
Nov 30 (Reuters) - Westpac Banking Corp (WBC.AX) said on Tuesday it will likely be fined A$113 million ($80.8 million) for alleged compliance failures across its business over many years, including charging financial advice fees to thousands of dead customers. Australia's No.3 lender admitted to six civil penalty proceedings filed by the country's securities regulator, including allegations against its banking, superannuation, wealth management and now divested general insurance units. The Australian Securities and Investments Commission (ASIC) had alleged Westpac charged over A$10 million ($7.2 million) in advice fees to more than 11,000 deceased people and distributed duplicate insurance policies to over 7,000 clients. Australia's financial sector has faced intense scrutiny since a Royal Commission inquiry in 2018 found widespread shortcomings across the industry, with charging the dead among the most common and damaging revelations. "The issues raised in these matters shou Show less Read more
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