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Westpac fined $6.3 million for ex-employee's poor financial advice

( December 19, 2019, 05:53 GMT | Official Statement) -- MLex Summary: Westpac was fined A$9.15 million ($6.3 million) today after an Australian court decided that the bank was liable for the poor financial advice given by a former employee. The court found that the bank should have spotted the employees behavior much sooner than 2014, when he was dismissed, and reported it to the Australian Securities and Investments Commission, who brought the case, quicker. The full statement from the ASIC follows. The judgment and the judgment summary are attached. ...

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