In late June, investigative journalist Anthony Klan exposed regulatory capture at ASIC, which reportedly turned a blind eye to Westpac ripping off 915,000 superannuation account holders of $1.65 billion. Worse, the head of ASIC’s superannuation enforcement is none other than a former Westpac lawyer:
The corporate regulator has taken zero action to stop Westpac’s wholesale gouging of superannuation accounts since it was formally alerted to the scandal over six months ago…
The ongoing gouging by Westpac-BT is now costing its 915,000 members about $1.65 billion a year, or $4.49 million a day, seven days a week, analysis shows.
