ASX:WBCBanks
Should Federal Court’s A$26m Hardship Penalty Require Action From Westpac Banking (ASX:WBC) Investors?
In May 2026, Westpac Banking Corporation was ordered by the Federal Court to pay A$26.00 million in civil penalties after failing over nearly six years to respond within the legal timeframe to more than 200 online financial hardship requests from customers across Westpac, St.George, BankSA and Bank of Melbourne.
The court highlighted that Westpac’s failures led to extra harm, including adverse credit listings and the sale of some customers’ debts to third-party collectors, and rejected...