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Briefs: Westpac fined over best interests breaches, ANZ launches cashback rewards

The Federal Court has ordered Westpac subsidiaries, Westpac Securities and BT Funds Management, to pay a combined penalty of A$10.5 million for failing to act in their clients’ best interests. The penalty follows a High Court decision in February that the two businesses breached their best interests duty when they provided personal financial advice in calls made to 14 customers, despite neither being licensed to provide personal advice.

 

ANZ has launched a cashback rewards program for personal credit and debit card customers. Working in partnership with rewards provider Cashrewards, ANZ is offering rewards on online and in-store spending. The partnership provides customers who use ANZ linked cards with access to offers with higher cashback rates.

 

 

 

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