Culture and Conduct Concerns
Westpac has faced many challenges in Australia in recent years regarding its conduct and treatment of customers. However, in the past year, the bank has also faced scrutiny from the Reserve Bank of New Zealand, where ex-deputy governor Geoff Bascand called for major reforms in Westpac’s risk governance processes after an Oliver Wyman report commissioned by RBNZ found major shortcomings in the bank’s processes.1
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