Financial Ombudsman Rules Westpac Violated S912A Of The Corporations Act!4 September 2020
Complainants Mr (Redacted) and Mrs (Redacted)
Financial firm Westpac Banking Corporation (Westpac)
Case number 646231
I refer to your complaint with Westpac BankingCorporation. We have considered your complaint and I have enclosed ourdetermination for your information.“The AFCApanel is satisfied that the bank’s (Westpac-ASX:WBC) conduct breached thefollowing:
•clause 3.2 of the 2013 Code of Banking Practice (Code), and
• section912A of the Corporations Act (Corporations Act).”
Any questions?
If you have any questions or want more information about thiscomplaint, please quote the case number when you:
• call: 1800 931 678
• email: [email protected]
Neva Skilton
Ombudsman (Panel Chair)
Australian Financial Complaints Authority
............................
So, where does this leave the two Complainants? Plus 25m Aussies that could find themselves with similar Cases in 2020-2021?
Also, these two cases raise key precedents:
1. What actions will Prime Minister-Treasurer-Attorney General take?
2. Given their ultimate responsibility, what actions will WBC Board-Management take?
Financial Ombudsman Rules Westpac Violated S912A Of The Corporations Act!
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