ASIC hit the bank with six lawsuits over the poor treatments of its customers, including charging fees to people who have passed away, as well as having a “poor compliance culture”.
In addition to the penalty, Westpac will also pay more than $80 million to its customers in remediation.
A spokesperson for ASIC says tens of thousands of Westpac customers were improperly charged millions of dollars.
This comes just three years after the bank was fined $3.3 million for ‘unconscionable conduct’.