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.
Westpac Banking Corporation charged A$1.8m for unconscionable conduct
Westpac’s pre-hedging exposed its client to significant risk, resulting in latest of series of fines for the firm.