ASIC - Australian Securities & Investments Commission

Westpac Fined AUD 26 Million (about USD 18,5 Million) for Neglecting Customer Hardship Requests Westpac Banking Corporation has been ordered by the Federal Court to pay a $26 million penalty for failing to address over 200 customer hardship requests from 2017 to 2023. Justice McEvoy found Westpac grossly negligent, impacting customers facing financial difficulties due to issues like domestic abuse and job loss. The penalty aims to ensure lenders prioritize vulnerable customers. Westpac admitted to contraventions and has paid over $1.7 million in remediation to affected customers. This action is part of ASIC's broader effort to enforce lender compliance, following penalties to other banks like NAB and ANZ for similar failures.