Dec 19 (Reuters) - Australian Securities & Investments Commission :
- WESTPAC ORDERED TO PAY $9.15 MILLION PENALTY FOR 22 BREACHES OF THE CORPORATIONS ACT
- DECISION COMES AS A RESULT OF CIVIL PENALTY PROCEEDINGS BROUGHT BY ASIC AGAINST WESTPAC IN JUNE 2018
- COURT CASE RELATES TO POOR FINANCIAL ADVICE FROM FORMER WESTPAC FINANCIAL PLANNER BREACHING BEST INTERESTS DUTY, RELATED OBLIGATIONS UNDER ACT
- AT TRIAL IN APRIL, WESTPAC ADMITTED THAT IT HAD CONTRAVENED THE CORPORATIONS ACT
- COURT FOUND WESTPAC'S FORMER FINANCIAL PLANNER FAILED TO ACT IN BEST INTERESTS OF CLIENTS, PROVIDED INAPPROPRIATE FINANCIAL ADVICE
Source text: [https://bit.ly/2PBzgak]
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News: WBC ASIC Says Westpac Ordered To Pay $9.15 Mln Penalty For 22 Breaches Of Corporations Act
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