Westpac bank employees phoned more than 95,000 customers during the 2013-16 period, more than 31,000 of whom agreed to roll their superannuation into their BT account.
The two super funds Super Employer Plan and BT Business Super in which it’s proven that the employees have wrongly tipped customers through email marketing mode and are considered as poor performers in Australia. These were the two of many where millions equal to the amount of million $646 was deposited in its accounts.
In the month of October, it was found that Westpac broke the law while communicating with their customer as it provided personal advice to its customers without considering their positions. The strategy used was to phone customers to convince them to roll their super into BT account.
They also used the strategy to send the marketing material to the customers urging they could win cash up to $20000 if the transfer is done for Super into their account. And convinced doing so could waive the paying of multiple fees.
Westpac used an approach to gain an advantage for itself without engaging into the personal positions of the customers and turning a deaf ear towards the consequences for doing so. Hence found itself in litigation. It fails to meet the Standards of the AFSL which is to work efficiently, honestly and fairly.