Investor Presentaiton
Customer remediation.
Customer franchise
Progressing customer refunds:
Conducted extensive product, process and policy reviews
Over $200 million in remediation payments have been made to over
570,000 customer accounts during the past six months following
these reviews and regulator feedback
Centralised the governance and reporting of remediation to ensure
consistency and to speed up the process
Substantial progress across Westpac, including ongoing advice and
other wealth fees, National Consumer Credit Protection Act
compliance and interest only products
Provisions for customer refunds, payments and associated costs:
Additional provisions of $241m raised in 1H21 including for:
•
•
•
•
Refunds associated with certain ongoing advice fees charged by the
Group's salaried financial planners and authorised representatives
Refunds to superannuation and investment customers not advised of
certain corporate actions
Released provisions previously raised for customer refunds related
to businesses provided a business loan instead of a consumer loan
regulated by the National Consumer Credit Protection Act and the
National Credit Code which were no longer required
Costs associated with the implementation and completion of the
remediation program
Provisions for customer
refunds, payments and
associated costs 1 ($m)
2017
2018
2019
2020
1H21
Total
Banking
94
122
362
144
(67)
655
Wealth
75
146
802
208
195
1,426
Implementation
costs
62
62
232
196
113
603
$
Cash earnings
118
231
977
384
168
1,878
impact of above
1 Excludes provisions and costs associated with litigation.
43
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