(Reuters) - Australia's corporate regulator on Tuesday said it was taking Westpac Banking Corp to court over its alleged failure to respond to ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOS - Australia's corporate regulator on Tuesday said it was taking Westpac Banking Corp to court over its alleged failure to respond to customers' financial hardship notices between 2015 and 2022 within the required administrative time frame.
The Australian Securities and Investments Commission has initiated civil penalty proceedings in the Federal Court against Westpac stating that shortcomings with the lender's online hardship notice process resulted in 229 Westpac customers not receiving a response on time, ASIC said in a statement. The regulator said Westpac could have done more to probe and rectify the system's problems affecting its online hardship notification process.
Many customers had disclosed their vulnerable circumstances to Westpac, including their inability to work and impacts of serious medical conditions, with some customers having to face debt collection activities while waiting for the bank to respond to their hardship notices, ASIC said.
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