Westpac to likely pay $81 million for allegedly charging dead people, among other breaches
CNN
Westpac said on Tuesday it will likely be fined 113 million Australian dollars ($80.8 million) for alleged compliance failures across its business over many years, including charging financial advice fees to thousands of dead customers.
Australia's No. 3 lender admitted to six civil penalty proceedings filed by the country's securities regulator, including allegations against its banking, superannuation, wealth management and now divested general insurance units.
The Australian Securities and Investments Commission had alleged Westpac charged over 10 million Australian dollars ($7.2 million) in advice fees to more than 11,000 deceased people and distributed duplicate insurance policies to over 7,000 clients.
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