Compliance & Regulation

Westpac's latest legal woes arise from poor financial advice

ASIC claims the bank is liable for the poor financial advice given by a former financial planner.

News.com reports that Australia's corporate watchdog has started legal action against Westpac over poor financial advice provided by one of the bank's former financial planners, Sudhir Kumar Sinha.

Westpac has already paid about AUD12 million in compensation to clients who were affected by Mr Sinha's poor advice.

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