Australia's Westpac takes A$260m earnings hit to compensate customers

Pedro Gonçalves
clock • 2 min read

Australia's Westpac Banking Corp. will take a A$260m ($184m) hit to first-half cash earnings to compensate customers for poor financial advice, pushing its total remediation bill past A$650m. The bank reports that refunds are mainly for customers charged unfair ongoing advice fees by certain financial planners, for retail or business customers that had interest only loans the did not automatically switch to principal and interest when required, and business customers provided incorrect loans. The cost could climb further as the bank is still reviewing other cases where customers may h...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login