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Bank fined for charging the dead

November 30th, 2021
Categories: News

Link: https://www.rt.com/business/541713-australia-westpac-charging-dead-fine/

One of Australia’s biggest banks, Westpac, agreed to pay millions in fines after settling six of seven continuing probes over consumer harm, including charging fees to dead people.
will pay $81 million (AU$113 million) in penalties, and $57 million in compensation to its customers in addition to the fine. According to Australian Securities and Investments Commission (ASIC), Westpac charged around $7.2 million in fees within a 10-year period to nearly 11,000 of its “deceased customers for financial advice services that were not provided due to their death,” and distributed duplicate insurance policies to more than 7,000 clients.

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