Customer Remediation Costs and Refunds To Impact Westpac’s FY19 Results. FVE AUD 33 Unchanged
Wide-moat-rated Westpac Banking Corporation announced AUD 260 million in aftertax provisions for customer remediation costs and related make-good refunds that will reduce first-half fiscal 2019 cash earnings. About AUD 130 million of provisions relate to Westpac-salaried financial planners, and at this stage, exclude potential refunds and costs covering the bank’s authorised representative financial advisors. The AUD 260 million in provisions follows AUD 281 million provided in full-year fiscal ...
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