Published: December 26, 2018
Judge says bank failed to offer financial services efficiently, honestly and fairly
One of Australia’s largest banks, Westpac, broke the law by failing to offer financial services efficiently, honestly and fairly when it rang customers and encouraged them to roll over external superannuation accounts into existing Westpac accounts, a court has found.
The federal court judge Justine Gleeson found Westpac increased its funds under management by almost $650m when it encouraged customers to roll over their superannuation, “with limited identification of customers’ personal circumstances and no consideration of customers’ best interests, explanation of risks or sufficient warning that Westpac was not considering such matters”.
Continue reading...from The Guardian http://bit.ly/2ELRSiJ
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