Westpac has been fined $26 million for being "grossly negligent" in failing to respond to hard-up customers, a move one expert says puts the rest of the banking industry on notice.
The Australian Securities and Investments Commission pursued the major bank in 2023 after it was found to have failed to respond to more than 200 online hardship requests from customers over the previous six years.
Federal Court judge Tim McEvoy found the bank's conduct was not deliberate, although it occurred over the lengthy period.
