Investor Presentaiton
Appendix 3: Customer remediation.
Appendix
Milestones in FY22
.
Paid or offered $567 million to
approximately 2 million customers
14 major remediation programs
were closed
Provisions for customer compensation and associated costs
Net provisions raised in FY22 for
•
Refunds associated with certain ongoing advice fees charged by
salaried financial planners and authorised representatives
Additional remediation for wealth products
• Costs associated with the implementation and completion of
remediation programs
.
Release of provisions related to Westpac New Zealand
Provisions for customer refunds, payments
and associated costs¹ ($m)
$
Banking
Wealth
Implementation costs
Cash earnings
impact of above
1 Excludes provisions and costs associated with litigation. Notable items only.
2017
2018
2019
2020
2021
FY22
Total
94
122
362
144
(135)
2
589
75
15
|
146
802
208
251
51
1,533
62
232
196
195
32
32
717
118
231
977
384
218
60
60
127
Westpac Group 2022 Full Year Results Presentation & Investor Discussion Pack
1,988
Westpac GROUPView entire presentation