Westpac’s culture, governance and accountability (GCA) remediation plan has found that “important aspects” of the bank’s non-financial risk culture were “immature and reactive”. The GCA reassessment, which follows AUSTRAC’s statement of claim over Westpac’s 23 million breaches of anti-money laundering law, also found that the bank was “overly complex”, resulting in confusion around accountability.
“Our reassessment confirms that our management of non-financial risk is currently not at the standard we set for ourselves,” said CEO Peter King. “It is clear we have more to do to address these shortcomings, including improving our risk management capability and risk culture, which is not where we want it to be.
“As a result, we are embarking on a comprehensive, multi-year program called Customer Outcomes and Risk Excellence (CORE). The program is a company priority and as CEO I’m accountable for its delivery.”
More to come.
But as a small AFSL, if I had a breach, of course I would have to report, be fined, lose my AFSl perhaps, my livelihood and unable to get PI cover…
Westpac – rearrange the letters and you get catspew. Thant’s all I’m saying
Westpac is actually a good and usually decent company. This smells like a stuff-up while other things like the way insurance was sold by other banks was a systemic issue and required a culture change. AMP is also a good example of the latter.
You mean to say the Baker of Beirut ads are not enough to paper over the cracks? LMFAO anyone reading the self assessment Westpac was required to send to APRA could see that and they are only acknowledging this now????
23 Million breaches of anti money laundering act. This is Westpac. The CEO responsible for this had got himself a parachute worth $3 million to go away. CBA CEO at the time of 53,000 breaches of anti money laundering walked away with $12 Million to go away. Who says you need to rob a bank with a gun. These people have presided over a culture of unshackled greed. They courted the regulators who turned a blind eye until it got to much. No clawbacks of bonuses for these folk. Just kick advisers though and get the shareholders to pay up. This is just a sick vile industry practice. HWere is the prosecution of these CEO’s whose bonues were structred around despicalble behaviour. And you need to do an ethics course as planners? WTF!!!!
How do we contact you honest lawyer? we are victims of a highly complex case instigated by blatant fraud. The regulators say go to the Police, the Police say go to the regulators or engage in a civil case. Is Westpac above the law where they can provide you with a credit vouchers showing your large international pension cheque has been deposited into the wrong account and bounced at a correspondent international bank as a result? Five years of hell for an average suburban couple……….not good enough. Shortly after we brought it to the attention of CEO Brian Hartzer he was paid to leave, the BT Advisers sold off……………..
Nothing changes at Slacpac!