December 22, 2016 BY Valentina Kirilova

ASIC takes action against Westpac entities in relation to the 'best interests duty' and superannuation customers

ASIC has commenced civil penalty proceedings in the Federal Court against Westpac subsidiaries Westpac Securities Administration Limited (WSAL) and BT Funds Management Limited (BTFM) for a number of contraventions, including failures of the 'best interests duty' introduced under the Future of Financial Advice reforms. The proceedings follow an ASIC investigation into Westpac's telephone sales campaigns…

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