WBC westpac banking corporation

News: WBC Westpac Acknowledges High Court Decision To Dismiss Co's Appeal On ASIC Proceedings

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    Feb 3 (Reuters) - Westpac Banking Corp (WBC) :

    • WESTPAC ACKNOWLEDGES DECISION BY HIGH COURT WHICH DISMISSED CO'S APPEAL ON PROCEEDINGS BROUGHT BY ASIC ABOUT PROVISION OF FINANCIAL PRODUCT ADVICE.
    • COURT FOUND WESTPAC HAD PROVIDED "PERSONAL ADVICE" ON CALLS TO 14 CUSTOMERS, IN DOING SO BREACHED CERTAIN PROVISIONS OF CORPORATIONS ACT
    • APPEAL RELATED TO CALLS TO 14 CUSTOMERS CONCERNING ROLLOVER OF THEIR EXTERNAL SUPERANNUATION ACCOUNTS
    • PROCEEDINGS WILL NOW BE REMITTED TO FEDERAL COURT OF AUSTRALIA FOR A HEARING ON PENALTIES

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