Westpac in Australia fined $19 million for failing to handle customers' financial hardship properly
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The Australian Securities and Investments Commission has issued a statement revealing that, over nearly six years leading up to 2023, more than 200 online financial relief applications were not processed within the statutory time frame. These applications came from customers of Westpac and its subsidiaries—St.George Bank, BankSA, and Bank of Melbourne. Sarah Court, Deputy Chair of the Australian Securities and Investments Commission, stated on Wednesday: “The customers most in need of help did not receive assistance from Westpac. These customers were seeking relief from repayments due to circumstances such as domestic violence, natural disasters, serious illness, or unemployment.”
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