Westpac has been fined $40m for charging fees to more than 11,800 dead people, bringing the total the federal court has ordered the bank to pay in a string of misconduct cases brought by the corporate regulator to $130m.
The Australian Securities and Investments Commission launched the six cases against Westpac in November, accusing the bank of charging financial advice service fees to the dead, double-charging for insurance, collecting and paying illegal commissions, failing to properly disclose fees, allowing company accounts that should have been closed to stay open and selling personal debts to collectors at an interest rate higher than allowed.
