Westpac faces a fine of up to $14 million over a campaign that encouraged customers to roll over their super into bank-related accounts after the High Court dismissed the bank’s appeal on Wednesday.
In a unanimous verdict, the Court found that Westpac staff provided “personal advice” to 14 customers in breach of financial planning laws and had not acted in their “best interests”.
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Michael Pelly was The Australian Financial Review’s legal editor
Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
