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Westpac reports $7.2bn profit

Soaring interest rates bolstered Westpac home and business loan books which ultimately saw the bottom line jump by 26% to $7.2 billion.

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Major bank handed $10.5m penalty for BID breach

Two Westpac investment businesses have copped a total $10.5 million civil penalty, for failing to act in clients’ best interests.

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Westpac penalised for millions in personal advice court case

Westpac penalised for millions in personal advice court case
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Westpac penalty provides 'clarity' over advice provisions

Westpac penalty provides 'clarity' over advice provisions
moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.

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Westpac fined $10.5m by ASIC for $650m super roll-ins

Westpac fined $10.5m by ASIC for $650m super roll-ins
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Westpac to pay $10.5m penalty for personal advice case

Westpac to pay $10.5m penalty for personal advice case
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Aussie banking group handed A$10.5m fine

Aussie banking group handed A$10.5m fine
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BT members head for the door after upgrade delays

BT members head for the door after upgrade delays
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High Court delivers key decision on personal advice

Print
In a key decision on the distinction between personal and general advice, the High Court of Australia has dismissed an appeal lodged by Westpac around a 2016 Australian Securities and Investments Commission (ASIC) claim that the bank had provided financial product advice.
The ASIC action concerned Westpac Securities Administration Limited and BT Funds Management and related to calls to 14 customers concerning the rollover of their external superannuation accounts.
The High Court found that Westpac had provided “personal advice” in calls it made to customers concerning the rollover of their external superannuation accounts.
The High Court found that, in doing so, Westpac had breached the

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High Court of Australia dismisses Westpac's appeal

Westpac
Westpac acknowledges today’s decision by the High Court of Australia which has dismissed Westpac’s appeal in relation to proceedings brought by ASIC about the provision of financial product advice.
This decision relates to proceedings brought by ASIC in 2016 against Westpac Securities Administration Limited and BT Funds Management Limited. The appeal related to calls to 14 customers concerning the rollover of their external superannuation accounts.
The High Court found that Westpac had provided “personal advice” on these calls and in doing so had breached certain provisions of the Corporations Act. The High Court’s decision provides important guidance on the distinction between general and personal advice. The proceedings will now be remitted to the Federal Court of Australia for a hearing on penalties.

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