SYDNEY: Australia's corporate regulator said on Tuesday (Sept 5) it was taking Westpac Banking Corp to court over its alleged failure to respond to cu...
Australia's corporate regulator said on Tuesday it was taking Westpac Banking Corp to court over its alleged failure to respond to customers' financial hardship notices between 2015 and 2022 within the required administrative time frame.
The Australian Securities and Investments Commission has initiated civil penalty proceedings in the Federal Court against Westpac stating that shortcomings with the lender’s online hardship notice process resulted in 229 Westpac customers not receiving a response on time, Asic said in a statement. “This error meant we didn’t provide some of our customers with the help they needed. For this, we are deeply sorry,” said Westpac group chief information officer Scott Collary.
Over the alleged period of breach, Westpac had received about 630,000 applications for hardship assistance, the company told Reuters, adding that once the incident was brought to light it chose to self-report it to Asic.
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