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    WBC   AU000000WBC1

WESTPAC BANKING CORPORATION

(WBC)
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Delayed Quote. Delayed Australian Stock Exchange - 01/19 12:10:48 am
21.24 AUD   -0.79%
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Westpac to likely pay $81 million for charging dead people, other breaches

11/29/2021 | 09:37pm EST
FILE PHOTO: A pedestrian passes below signs for Westpac Bank during the company's strategy update meeting in cen..

(Reuters) - Westpac Banking Corp said on Tuesday it will likely be fined A$113 million ($80.8 million) for alleged compliance failures across its business over many years, including charging financial advice fees to thousands of dead customers.

Australia's No.3 lender admitted to six civil penalty proceedings filed by the country's securities regulator, including allegations against its banking, superannuation, wealth management and now divested general insurance units.

The Australian Securities and Investments Commission (ASIC) had alleged https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-320mr-asic-launches-multiple-legal-actions-against-westpac Westpac charged over A$10 million ($7.2 million) in advice fees to more than 11,000 deceased people and distributed duplicate insurance policies to over 7,000 clients.

Australia's financial sector has faced intense scrutiny since a Royal Commission inquiry in 2018 found widespread shortcomings across the industry, with charging the dead among the most common and damaging revelations.

"The issues raised in these matters should not have occurred, and our processes, systems and monitoring should have been better," Westpac CEO Peter King said in a statement https://yourir.info/resources/af4e3362f19eeecc/announcements/wbc.asx/2A1342281/WBC_Westpac_and_ASIC_reach_agreement_on_six_regulatory_matters.pdf.

ASIC and Westpac will together propose the A$113 million penalty to the federal court, and the lender will remediate about A$80 million to customers, the ASIC said.

"The conduct and breaches alleged in these proceedings caused widespread consumer harm and ranged across Westpac's everyday banking, financial advice, superannuation and insurance businesses," ASIC Deputy Chair Sarah Court said.

"Westpac must urgently improve its systems and culture to ensure these systemic failures do not continue."

The lender's shares traded 1% higher at 0137 GMT, after rising as much as 1.7% earlier in the day.

Last week https://www.reuters.com/markets/stocks/westpac-nzs-risk-governance-needs-significant-improvement-says-rbnz-2021-11-24, the Reserve Bank of New Zealand said Westpac's local unit needs to address risk governance and compliance concerns after an independent report highlighted "material shortcoming" in the board's oversight.

($1 = 1.3988 Australian dollars)

(Reporting by Sameer Manekar and Shashwat Awasthi in Bengaluru; Editing by Krishna Chandra Eluri and Devika Syamnath)


ę Reuters 2021
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Analyst Recommendations on WESTPAC BANKING CORPORATION
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Financials
Sales 2022 19 556 M 14 089 M 14 089 M
Net income 2022 5 248 M 3 781 M 3 781 M
Net Debt 2022 - - -
P/E ratio 2022 14,8x
Yield 2022 5,70%
Capitalization 78 451 M 56 350 M 56 519 M
Capi. / Sales 2022 4,01x
Capi. / Sales 2023 3,89x
Nbr of Employees 40 143
Free-Float -
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Westpac Banking Corporation Technical Analysis Chart | WBC | AU000000WBC1 | MarketScreener
Technical analysis trends WESTPAC BANKING CORPORATION
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 16
Last Close Price 21,41 AUD
Average target price 25,00 AUD
Spread / Average Target 16,8%
EPS Revisions
Managers and Directors
Peter Francis King Director
Michael Rowland Chief Financial Officer
John McFarlane Chairman
Scott Collary Chief Operating Officer
Leslie Wilson Vance Group Executive-Financial Crime & Compliance
Sector and Competitors