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Westpac gained $646m from super switch plan

Mar 9, 2017 - Australian Financial Review

Westpac established a call centre team and offered them bonuses to convince customers to switch $646.7 million in external superannuation savings into the bank's own products, court documents show.

The Australian Securities and Investments Commission is pursuing Westpac in federal court, alleging bank staff breached rules designed to ensure the interests of customers come before profits or sales commissions.

It is one of the first tests of "best interests duty" introduced as part of

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