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Westpac fined $26m for financial hardship neglect
Financial Standard
|June 01, 2026
Major bank Westpac has copped a $26 million fine for neglecting customers facing financial hardship over a six-year period.
The Federal Court found the bank failed 277 customers facing financial troubles by not providing a written response to their online hardship notices during the relevant period.
The Federal Court handed down the pecuniary penalty, finding the bank “failed to do all things necessary to ensure that the credit activities authorised by the credit licence were engaged in efficiently, honestly and fairly.” It also “failed to comply with consumer credit law.”
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