June 15, 2018 / 3:31 AM / 6 months ago

Australian regulator sues Westpac bank claiming poor financial advice

SYDNEY, June 15 (Reuters) - Australia’s securities regulator said on Friday it had filed a lawsuit against No. 2 lender Westpac Banking Corp over alleged poor financial advice.

The Australian Securities and Investments Commission said a Federal Court civil lawsuit alleged that a former Westpac financial planner breached the “best interests” duty under the Corporations Act, provided inappropriate financial advice and failed to prioritise the interests of his clients.

Reporting by Byron Kaye; Editing by Stephen Coates

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