Westpac & ASIC: Reach agreement on six regulatory matters
- Westpac has announced today that it has reached an agreement with ASIC to resolve six separate longstanding matters
- The issues have all been previously disclosed and are summarised in the table
- These matters follow regulatory investigations conducted by ASIC, many instigated following the issues being self-reported
- The majority of affected customers have been compensated, and any remaining payments
- The issues raised in these matters should not occur, and our processes, systems, and monitoring should have been better
- ASIC will jointly submit agreed proposed penalties for each of the proceedings, totaling $113 million
