Westpac Banking Corp 6-K, filed Aug 20, 2020
Westpac Banking Corp (WEBNF)
About this 6-K
Westpac Banking Corp filed this 6-K on August 20, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
August20, 2020
CommissionFile Number 1-10167
WESTPAC BANKING CORPORATION
(Translation of registrant’s name into English)
275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F x | Form 40-F ¨ |
|---|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Index to Exhibits
| Exhibit No. | Description |
|---|---|
| 1 | ASX Release – Westpac acknowledges proceedings commenced by ASIC |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WESTPAC BANKING CORPORATION | ||
|---|---|---|
| (Registrant) | ||
| Date: August 20, 2020 | By: | /s/ Yvette Adiguzel |
| Yvette Adiguzel | ||
| Tier One Attorney |
Exhibit 1
ASX
Release
20 AUGUST 2020
Level 18, 275 Kent Street
Sydney, NSW, 2000
WESTPAC ACKNOWLEDGES PROCEEDINGS COMMENCED BY ASIC
Westpac Group acknowledges the commencement of civil proceedings by the Australian Securities and Investments Commission (ASIC) against two entities in the Group, BT Funds Management Limited (BTFM) and Asgard Capital Management Limited (ACML), in relation to an issue that was a case study at the Financial Services Royal Commission.
The allegations concern the inadvertent charging of financial adviser fees to 404 customers totaling $130,006 after a request had been made to remove the financial adviser from the customers’ accounts.
The issue was self-reported to ASIC in July 2017 and customers have been contacted and remediated.
ASIC alleges that the account statements provided to those customers were misleading and that BTFM and ACML failed to ensure services were provided in accordance with their license obligations.
BTFM and ACML accept the allegations made and do not intend to defend the proceedings. BTFM and ACML will make submissions on the appropriate penalty in due course.
BTFM and ACML apologise that these errors occurred and will work with ASIC to resolve the proceedings as quickly as possible.
For further information:
Lisa Parrett Andrew Bowden
Senior Manager Media Relations Head of Investor Relations
0432 933 796 0438 284 863
This document has been authorised for release by Tim Hartin, General Manager & Company Secretary.