Westpac Lose Federal Court Battle On "Bad" Financial Advice!
19th Dec 2019: Westpac's Greed-Based Financial Advice Cops Federal Judge's Wrath.
Court Found Westpac Guilty Of 22 Breaches Of The Corporations Act. Only Slugged $9m Fine. Charges Brought On By Regulator, ASIC.
"As the facts of this case reveal, that rather cosy arrangement turned out to be fruitful for both Mr Sinha and Westpac, but not always for their clients," says Justice Wigney.
This follow a the 2017 ASIC investigation found 177 clients were charged fees but did not receive service from Mr Sinha, including at least nine clients who did not receive reviews despite paying for ongoing service.
While Mr Sinha Has Been Banned Until 2022, Not One Westpac Director Has Been Charged.
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