Westpac Banking Corp staff inappropriately gave personal financial advice when m...
) staff inappropriately gave personal financial advice when marketing pension funds, an Australian court said, overturning an earlier ruling in a rare win for regulators under pressure to crack down on misconduct in the finance sector.
From 2013 to 2016, Westpac contacted customers by mail and phone offering to help them shift money from other pension funds to its own, boosting its own holdings by about A$650 million , the Federal Court said. The court gave ASIC and Westpac two weeks to agree on what public declarations the bank must give. If they don’t agree, the matter will return to court to determine penalties for the bank.
A year-long public inquiry that ended in February gave a scathing assessment of the culture at the country’s financial giants, also criticising regulators which it said had allowed the sector to reward overly aggressive, and sometimes deceptive, sales methods.
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