ASIC prosecutes Westpac (ASX:WBC) for misleading 384 customers

Company News

by Michael Luu

The Australian Securities & Investments Commission (ASIC) has today taken legal action against banking giant Westpac (ASX:WBC), on allegations of misleading conduct and a lack of transparency.

The financial whistleblower is prosecuting the big-four bank for selling consumer and credit insurance (CCI) to 384 customers without their informed consent. The alleged misconducts happened between April and July in 2015.

Shares in Westpac (ASX:WBC) are trading 1.6 per cent higher at $25.22