Westpac has lost a High Court appeal over a breach of financial advice laws, after running a telephone campaign encouraging customers to roll over their superannuation savings into a bank-owned fund.
The Federal Court ruled unanimously against the bank in a 2019 decision, but Westpac challenged in the country’s highest court by arguing the advice was general in nature.The High Court on Wednesday unanimously rejected the lender’s appeal, with the Federal Court to determine a fine for the banking giant.
“Westpac were actively conducting a sales campaign aimed at rolling customers into Westpac products under the banner of general advice,” ASIC commissioner Danielle Press said.
Source: Law Daily Report (lawdailyreport.net)
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