Westpac subsidiaries to pay $10.5 million penalty for breaches of best interests duty
The Federal Court has ordered Westpac Bank subsidiaries Westpac Securities Administration Limited (Westpac Securities) and BT Funds Management Limited (BT Funds) to pay a combined penalty of $10.5 million for failing to act in their clients' best interests.
The penalty follows the High Court's unanimous decision on 3 February 2021 that Westpac Securities and BT Funds breached their best interests duty when they provided personal financial product advice in calls made to 14 customers, despite neither firm being licensed to provide personal advice (21-013MR).
https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-221mr-westpac-subsidiaries-to-pay-10-5-million-penalty-for-breaches-of-best-interests-duty/
Open letter to Mr Longo regarding ASX investigation and ASIC litigation of ISX and its CEO John Karantzis, page-366
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