Financial Ombudsman Rules Westpac Violated S912A Of The Corporations Act!

Financial Ombudsman Rules Westpac Violated S912A Of The Corporations Act!

4 September 2020

Dear (Redacted)

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

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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?