Westpac served with class action over fees for no service

Pedro Gonçalves
clock • 1 min read

Australia lender Westpac received a class action against an asset management and insurance arm it owns, accusing it of charging thousands of pension fund customers for services they never received. Clients claim to have been "short-changed" out of their retirement savings for more than a decade. "We believe Westpac Life provided no service that could justify it retaining such a large part of the returns generated from members' money, and we want the difference paid back to members," said Nathan Rapoport, the Slater & Gordon lawyer managing the case. He said, in recent years, Westpa...

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