The Australian Securities and Investments Commission has asserted in Federal Court that Westpac and its wealth division BT used bonuses and highly sophisticated sales techniques to convince customers to roll over superannuation into Westpac accounts, the AFR reports. In his opening submission to the Federal Court yesterday, James Renwick, acting for ASIC, said the bank ran an "extremely successful campaign", which resulted in more than A$640 million of super funds being transferred to Westpac. The question being asked by ASIC in this test case is whether the phone calls by bank staff amounted to personal financial product advice and therefore failed to act in the best interests of its customers, in breach of the FoFA reforms. The case continues. International investors are being urged to steer clear of banks in Australia, Canada and Sweden by investment consultancy, Absolute Strategy Research, the AFR reports. The combined weight of these banks on world equity markets is four times larger than their share of the global economy. Investors were "underestimating just how damaging a group of countries that account for just three per cent of global GDP can be" (notably  if interest rates rise and the Chinese economy slows) ASR said in a report sent last week to its institutional clients.