Westpac Bank Sued by Regulator, Admits Charging Dead People
- Australian lender agrees to pay A$113 million in penalties
- Westpac says its ‘substantially provisioned’ for the fines
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Westpac Banking Corp. agreed to pay A$113 million ($80.6 million) in penalties after the Australian regulator alleged the lender had widespread compliance failures that included charging dead people.
The case includes a claim that Westpac charged more than A$10 million in fees for financial advice to over 11,000 deceased customers over a 10-year period, according to a statement Tuesday from the Australian Securities & Investments Commission.