(Adds details on proceedings, background)
April 8 (Reuters) - Australia's Westpac Banking Corp (WBC) said on Thursday it is considering the claims in proceedings launched by the corporate regulator over the sale of "junk insurance" to consumers.
The Australian Securities and Investments Commission first launched investigations into the matter in 2019, alleging many lenders had sold consumer credit insurance to customers who had not agreed to buy the policies. (https://bit.ly/3usVkFB)
Australia and New Zealand Banking Group (ANZ) and National Australia Bank (NAB) have also been slapped with lawsuits and regulatory scrutiny over similar practices.
The regulator is seeking, among other things, unspecified monetary penalties relating to the sale to about 384 customers from April 7, 2015, to July 28, 2015, Westpac said.
The country's second-largest lender added it has not sold consumer credit insurance products since 2019.
News: WBC UPDATE 1-Westpac says considering regulator claims in junk insurance sale proceedings
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
$38.29 |
Change
0.000(0.00%) |
Mkt cap ! $130.7B | |||
| Open | High | Low | Value | Volume |
| $38.22 | $38.49 | $38.02 | $53.17M | 1.390M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 24 | 3474 | $38.29 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $38.31 | 2101 | 12 |
View Market Depth
| Last trade - 15.18pm 26/08/2025 (20 minute delay) ? |
| WBC (ASX) Chart |