“The issues raised in these matters should not have occurred, and our processes, systems and monitoring should have been better,” Westpac CEO Peter King said in a statement.
ASIC and Westpac will together propose the 113 million Australian dollar penalty to the federal court, and the lender will remediate about $ 80 百万澳元 ($ 57 百万) to customers, the ASIC said.
“The conduct and breaches alleged in these proceedings caused widespread consumer harm and ranged across Westpac’s everyday banking, financial advice, superannuation and insurance businesses,” ASIC Deputy Chair Sarah Court said.
“Westpac must urgently improve its systems and culture to ensure these systemic failures do not continue.”
她补充说 “it is unprecedented for ASIC to file multiple proceedings against the same respondent at the same time.”
上个星期, the Reserve Bank of New Zealand said Westpac’s local unit needs to address risk governance and compliance concerns after an independent report highlighted “material shortcoming” in the board’s oversight.