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Westpac agrees to pay $113 million penalty for ‘widespread compliance failures’


Banking giant Westpac has agreed to pay $113 million in fines after the corporate regulator found it had committed "widespread compliance failures".

The Australian Securities and Investments Commission announced on Tuesday it was launching six lawsuits against Westpac years after the 2018 banking Royal Commission. 

In one lawsuit, the regulator alleges Westpac charged a total of $10 million from 11,000 dead clients for financial advice. 

“There are six difference allegations which Westpac have admitted to and it’s going to be rubber-stamped by the Federal Court soon,” business reporter Ed Boyd said.

Banking giant Westpac has agreed to pay $113 million in fines after the corporate regulator found it had committed “widespread compliance failures”.

The Australian Securities and Investments Commission announced on Tuesday it was launching six lawsuits against Westpac years after the 2018 banking Royal Commission.

In one lawsuit, the regulator alleges Westpac charged a total of $10 million from 11,000 dead clients for financial advice.

“There are six difference allegations which Westpac have admitted to and it’s going to be rubber-stamped by the Federal Court soon,” business reporter Ed Boyd said. Banking giant Westpac has agreed to pay $113 million in fines after the corporate regulator found it had committed “widespread compliance failures”.

The Australian Securities and Investments Commission announced on Tuesday it was launching six lawsuits against Westpac years after the 2018 banking Royal Commission.

In one lawsuit, the regulator alleges Westpac charged a total of $10 million from 11,000 dead clients for financial advice.

“There are six difference allegations which Westpac have admitted to and it’s going to be rubber-stamped by the Federal Court soon,” business reporter Ed Boyd said.

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