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The regulator said it had received an overwhelming response to its consultation on reducing barriers to advice affordability, detailing the next steps in its process as hopes emerge that the growing c
The regulator has suggested it expects scaled advice to take over as the dominant form of advice in the industry in the next few years as the professionalisation of the sector continues. Addressing th
The corporate regulator has said its recent win over Westpac in the High Court provides a “clear delineation” to super funds over what constitutes personal advice, warning it will take further enf
Date Time ASIC successful against Westpac subsidiaries’ appeal to High Court The High Court has today confirmed that Westpac Bank subsidiaries, Westpac Securities Administration Limited (WSAL) and BT Funds Management Limited (BTFM), breached financial services laws, including the requirement to act in their clients’ best interests and the requirement to act honestly, efficiently and fairly. The unanimous High Court judgment today upheld the Full Federal Court decision regarding the conduct of WSAL and BTFM, dismissing their appeal and holding that they breached the Corporations Act by pro...
Westpac loses High Court appeal over super sales campaign Normal text size Advertisement Westpac has lost a High Court appeal over a breach of financial advice laws, after running a telephone campaign encouraging customers to roll over their superannuation savings into a bank-owned fund. The High Court on Wednesday dismissed Westpac’s appeal over the long-running case, launched against the bank after it gained $650 million in extra funds under management through a call-out to customers that the bank claimed was a form of “general” financial advice. Westpac lost its appeal over a long-ru...