ASIC sues Westpac over customer hardship failures
The regulator said the bank’s IT systems failed to give a consolidated view of customers, resulting in delays and miscommunication.
Westpac CEO Peter King.
Australian corporate regulator Australian Securities and Investments Commission is taking Westpac to court over claims it failed to respond to hardship notices from financially struggling customers, 29 of whom became bankrupt.
Asic alleged that 229 customers who sent the bank hardship notices
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