Business
Westpac loses High Court appeal on financial advice – The Australian Financial Review
The bank can expect a heavy fine after the court found it breached financial advice laws in a super rollover campaign.
The High Court found the 2014-15 campaign by Westpacs Super Activation Team strayed from general advice which does not take a customers personal circumstances into account and does not have to be provided in accordance with their best interests to personal financial advice, which has to be provided by licensed financial planners subject to a fiduciary duty.
A statement issued by the court said the Corporations Act imposed more onerous obligations on an adviser who provides personal advice.
It said…
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