The Australian Securities and Investments Commission (ASIC) pursued the banking giant over a campaign in which it advised customers to roll all of their superannuation accounts into Westpac's investment management subsidiary, BT. The penalty for the breach has not been decided, but it is expected to run into the tens of millions of dollars.

ASIC - Australian Securities & Investments Commission

Source

Published on Feb. 3th, 2021 Published on Feb. 3th, 2021

MSTAR comment

This event can be considered as an intermediary between the Mis-Selling scenario and the Fund Improper Disclosure. We have chosen to link it to the Mis-Selling scenario, inasmuch as, as the judge stated, 'Westpac did not take into consideration the financial situation and needs of its customers'.

Scenario: Conduct / Misselling Retail

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Sept. 20th, 2021

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ELSEWARE/MSTAR will be speaking on climate stress on operational risk at the ORX forum on September 23. In particular, we will be presenting the work we have done on this topic with the American Bankers Association and a group of banks.