Westpac faces penalties after High Court rules its superannuation advice overstepped financial laws – ABC News

Westpac is facing fines in the tens of millions of dollars after the High Court ruled it broke the law in offering advice to superannuation customers.

• Westpac’s campaign to drive membership of its superannuation subsidiary overstepped financial laws
• The High Court found an average person would have expected Westpac to take account of their individual needs
• The banking giant could be facing penalties stretching into the tens of millions of dollars

The Australian Securities and Investments Commission…

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