Business
Westpac loses High Court appeal over super sales campaign – Sydney Morning Herald
Westpac has lost a High Court appeal over a breach of financial advice laws, after running a telephone campaign encouraging customers to roll over their superannuation…
The High Court on Wednesday unanimously rejected the lenders appeal, with the Federal Court to determine a fine for the banking giant.
ASIC said the outcome would give the industry clarity on the difference between providing personal advice and more general advice that does not take into account a customers circumstances.
Westpac were actively conducting a sales campaign aimed at rolling customers into Westpac products under the banner of general advice, ASIC commissioner Danielle Press said.
The…
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