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Media releases

Westpac – ASIC proceedings on the provision of financial product advice finalised

23 August 2021

 

Westpac acknowledges today’s total civil penalty of $10.5 million handed down by the Federal Court of Australia in relation to proceedings brought by ASIC about the provision of financial product advice.
 

This penalty relates to the proceedings brought by ASIC in 2016 against Westpac Securities Administration Limited and BT Funds Management Limited, where “personal advice” was found to have been provided in relation to calls to 14 customers concerning the rollover of their external superannuation accounts in breach of certain provisions of the Corporations Act. 
 

The penalty was fully provisioned by Westpac in its First Half 2021 accounts.
 

For further information:
 

Lisa Parrett 

Media Relations

M. 0432 933 796
 

Andrew Bowden

Investor Relations

M. 0438 284 863

P. +612 8253 4008