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Australia’s Westpac Faces Six Simultaneous Lawsuits Filed by Regulator ASIC

Australia’s Westpac Faces Six Simultaneous Lawsuits Filed by Regulator ASIC

by Starling Insights

Starling Insights Editorial Board

Dec 14, 2021

Observations

Australia ASIC Governance, Audit & Regulatory Failures Culture & Misconduct Culture & Consequences

Westpac chief executive Peter King has vowed to tackle widespread compliance problems as the Australian bank faces $113 million in fines for misconduct scandals, including the charging of 11,000 deceased clients for financial advice.

In an unprecedented move, the Australian Securities and Investments Commission (ASIC) recently launched six lawsuits against the bank simultaneously, listing “systemic failures” across its banking, superannuation, insurance, and financial advice businesses.

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