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Westpac Banking Corporation charged A$1.8m for unconscionable conduct 

People are seen entering a Westpac bank building.
Photo: Asanka Ratnayake/Getty Images

Martina Lindberg

3 min read

Westpac’s pre-hedging exposed its client to significant risk, resulting in latest of series of fines for the firm.

The Australian Westpac Banking Corporation has been found guilty of engaging in unconscionable conduct, and ordered to pay the maximum penalty of A$1.8m ($1.2m) after contravening section 12CB of the ASIC Act. Westpac will also pay an additional A$8m ($5.3m) to cover ASIC’s litigation and investigation costs.

The unconscionable conduct

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