The content originally appeared on: CNN Australia's No. 3 lender admitted to six civil penalty proceedings filed by the country's securities regulator, including allegations against its banking, superannuation, wealth management and now divested general insurance units. The Australian Securities and Investments Commission had alleged Westpac charged over 10 million Australian dollars ($7.2 million) in advice fees to more than 11,000 deceased people and distributed duplicate insurance policies to over 7,000 clients. These infractions took place over a 10-year period, ASIC […]
