Westpac slapped with $9m penalty over poor advice

Original article by Aleks Vickovich
The Australian Financial Review – Page: 20 : 20-Dec-19

Westpac has been ordered to pay a total of $9.15m for 22 breaches of the Corporations Act. The bank was found to be liable for the ‘deficient and defective’ financial advice that ex-employee Sudhir Sinha provided in 2013 and 2014. Sinha was deemed to have failed to act in the best interests of his clients by providing financial advice that was inappropriate for their personal circumstances. The Australian Securities & Investments Commission has banned Sinha from working in the industry for five years, while it launched legal action against Westpac in 2018.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FEDERAL COURT OF AUSTRALIA

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s