ASX:WBCBanks
Should Westpac’s A$26m Hardship Penalty Shift the Risk Calculus for Westpac Banking (ASX:WBC) Investors?
In May 2026, the Federal Court ordered Westpac Banking Corporation to pay A$26.00 million in civil penalties after it failed over nearly six years to respond on time, or at all, to more than 200 online financial hardship requests from customers across Westpac, St George Bank, Bank SA and Bank of Melbourne.
The judgment highlighted that some customers suffered extra harm, including incorrect adverse credit listings and the sale of their debts to third-party collectors, prompting the court to...