The Australian Prudential Regulation Authority has flagged potentially “substantial gaps in risk governance” by Westpac as it formally kicked off an investigation into the bank and its executives for potential breaches of the Banking Act.
Westpac has filed a special leave application with the High Court seeking further clarity on the line between personal and general advice under financial services laws, after an appeals court handed ASIC a significant win in finding the bank violated its duty to act in its customers’ best interests during a superannuation rollover campaign.
AUSTRAC’s lawsuit against Westpac over 23 million alleged breaches of money laundering and counter-terrorism laws is racing towards a possible February penalty hearing, with the bank largely in agreement with the regulator on its liability.
Judges have no power to order all class action members to pay a proportion of a litigation funder’s commission out of their share of a settlement, the High Court has ruled in a landmark judgment that deals a huge defeat to litigation funders.
APRA’s chairman has told Parliament that the regulator is “actively considering” what action it should take against Westpac in light of recent allegations by AUSTRAC that the bank breached anti-money laundering laws on 23 million occasions.
Embattled banking giant Westpac may be seeking to limit its potential liability in any shareholder class actions it may face in the wake of AUSTRAC’s lawsuit alleging 23 million breaches of anti-money laundering and counter-terrorism financing laws, with the bank offering to refund some of those that purchased shares as part of a $2.5 billion capital raising.
Two Westpac units have defended their choice to charge higher superannuation fees, saying in their responses to a Slater and Gordon class action that customers received numerous positive benefits in exchange for the charges.
Westpac CEO Brian Hartzer has stepped down after admitting he was “ultimately accountable” for failures detailed in an AUSTRAC lawsuit alleging over 23 million breaches of anti-money laundering and counter-terrorism financing laws.
Slater and Gordon is planning class actions against ANZ and Westpac over allegedly worthless insurance, fresh off of winning a $49.5 million settlement in a junk insurance class action against the National Australia Bank.
Westpac has been hit with a lawsuit by AUSTRAC for its alleged “systemic” failure to comply with anti-money laundering and counter terrorism finance laws.