ASIC prosecutes Westpac for misleading 384 customers

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The Australian Securities & Investments Commission (ASIC) has today taken legal action against banking giant Respect (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

 
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Source: Finance News Network