ASIC Proceedings on Financial Product Advice Finalised

ASX
Release
23 AU
GUST 2021
WE
STPAC – ASIC PROCEEDINGS ON THE PROVISION OF FINANCIAL PRODUCT ADVICE
FINALISED
Westpac acknowledges today’s total civil penalty of $10.5 million handed down by the
Federal Court of Australia in relation to proceedings brought by ASIC about the
provision of financial product advice.
This penalty relates to the proceedings brought by ASIC in 2016 against Westpac
Securities Administration Limited and BT Funds Management Limited, where “personal
advice” was found to have been provided in relation to calls to 14 customers concerning
the rollover of their external superannuation accounts in breach of certain provisions of
the Corporations Act.
The penalty was fully provisioned by Westpac in its First Half 2021 accounts.
For further information:
Lisa Parrett
Media Relations
M.0432 933 796
Andrew Bowden
Investor Relations
M. 0438 284 863
P. +612 8253 4008
Thi
s document has been authorised for release by Tim Hartin, General Manager & Company
Secretary.
Level 18, 275 Kent Street
Sydney, NSW, 2000