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Late Westpac fined $1.5m

Westpac has been hit with a $1.5 million fine for failing to meet data reporting obligations. The Australian Prudential Regulation Authority said the bank and two of its registered financial corporations were up to 37 days late supplying data to the regulator.APRA said failure to submit monthly or quarterly returns within specified timeframes was "a strict liability offence". Westpac and its two RFCs, St George Finance Holdings and Capital Finance Australia, were late filing their data in Mach, April and May.In line with the post-Hayne move by regulators to get tough, APRA applied the maximum penalty.APRA deputy chair John Lonsdale said in a statement: "Access to accurate and timely data is critical for APRA to monitor effectively the safety and stability of the banking, insurance and superannuation sectors."

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