Australian Securities and Investments Commission v Westpac Banking Corporation

• Jurisdiction: Australia Federal only
• Judge: WIGNEY J
• Judgment Date: 19 December 2019
• Neutral Citation: [2019] FCA 2147
• Court: Federal Court
• Date: 19 December 2019

FEDERAL COURT OF AUSTRALIA

Australian Securities and Investments Commission v Westpac Banking Corporation [2019] FCA 2147

File number:	NSD 1030 of 2018
Judge:	WIGNEY J
Date of judgment:	19 December 2019
Catchwords:	CORPORATIONS – financial advice – obligation to act in the best interests of the client – where a representative of Westpac Banking Corporation gave deficient and defective advice to clients and failed to act in the best interests of those clients – where representative contravened ss 961B, 961G, 961H and 961J of the Corporations Act 2001 (Cth) – where Westpac Banking Corporation contravened s 961K and s 912A of the Corporations Act 2001 (Cth) – obligation of financial services licensee to take reasonable steps to ensure that its representatives comply with best interests obligations – where contraventions admitted – where dispute as to number of civil penalty contraventions – where dispute as to the knowledge of Westpac Banking Corporation concerning risk that representative would not comply with the best interests obligations – appropriate form of declarations – level of detail required in declarations – consideration of appropriate civil penalty to be awarded – consideration of course of conduct and totality principles
Legislation:	Corporations Act 2001 (Cth) ss 761A, 761G, 761GA, 763A, 764A, 764A(1)(d), 764A(1)(g), 766A, 766B(1), 766B(3), 769B(3), 910A, 910A(a), 912A, 912A(1), 912A(1)(a), 912A(1)(c), 912B(1), 912C, 913B, 916A, 960, 961, 961(1), 961(2), 961B, 961B(1), 961B(2), 961C, 961D, 961E, 961G, 961H, 961H(1), 961H(2), 961H(3), 961J, 961J(1), 961K, 961K(1), 961K(2), 961P, 1317E, 1317E(1), 1317E(2), 1317G(1E), 1317G(1E)(b), 1317G(1F), Ch 7, Pt 7.1 Div 3, Pt 7.1 Div 4, Part 7.6, Pt 7.7A Div 2 Evidence Act 1995 (Cth) ss 140, 191 Federal Court of Australia Act 1976 (Cth) s 21 Insurance Contracts Act 1984 (Cth) s 29(3)
Cases cited:	Australian Competition and Consumer Commission v Apple Pty Ltd [2012] FCA 646 Australian Competition and Consumer Commission v Coles Supermarkets Australia Pty Ltd [2015] FCA 330; 327 ALR 540 Australian Competition and Consumer Commission v Construction, Forestry, Mining and Energy Union [2006] FCA 1730; (2007) ATPR 42-140 Australian Competition and Consumer Commission v IMB Group Pty Limited [1999] FCA 313 Australian Competition and Consumer Commission v Leahy Petroleum Pty Ltd (No 3) [2005] FCA 265; 215 ALR 301 Australian Competition and Consumer Commission v MSY Technology Pty Ltd (No 2) [2011] FCA 382; 279 ALR 609 Australian Competition and Consumer Commission v Reckitt Benckiser (Australia) Pty Ltd [2016] FCAFC 181; 340 ALR 25 Australian Competition and Consumer Commission v TPG Internet Pty Ltd [2013] HCA 54; 250 CLR 640 Australian Competition and Consumer Commission v Yazaki Corporation [2018] FCAFC 73; 262 FCR 243 Australian Securities and Investment Commission v Westpac Securities Administration Limited [2019] FCAFC 187 Australian Securities and Investments Commission v Adler [2002] NSWSC 483; 42 ACSR 80 Australian Securities and Investments Commission v Australian Lending Centre Pty Ltd (No 3) [2012] FCA 43; 213 FCR 380 Australian Securities and Investments Commission v Cassimatis (No 8) [2016] FCA 1023; 336 ALR 209 Australian Securities and Investments Commission v Financial Circle Pty Ltd [2018] FCA 1644; 131 ACSR 484 Australian Securities and Investments Commission v GE Capital Finance Australia, in the matter of GE Capital Finance Australia [2014] FCA 701 Australian Securities and Investments Commission v Hellicar (2012) 247 CLR 345 Australian Securities and Investments Commission v Hochtief Aktiengesellschaft [2016] FCA 1489; 117 ACSR 589 Australian Securities and Investments Commission v Monarch FX Group Pty Ltd [2014] FCA 1387; 103 ACSR 453 Australian Securities and Investments Commission v Pegasus Leveraged Options Group Pty Ltd [2002] NSWSC 310; 41 ACSR 561 Australian Securities and Investments Commission v Southcorp Ltd (No 2) [2003] FCA 1369; 130 FCR 406 Australian Securities and Investments Commission v Stone Assets Management Pty Ltd [2012] FCA 630; 205 FCR 120 Australian Securities and Investments Commission v Warrenmang Ltd [2007] FCA 973; 63 ACSR 623 Australian Securities and Investments Commission, in the matter of NSG Services Pty Ltd v NSG Services Pty Ltd [2017] FCA 345; 122 ACSR 47 Australian Securities and Investments Commission, in the matter of Chemeq Limited (ACN 009 135 264) v Chemeq Limited (ACN 009 135 264) [2006] FCA 936; 234 ALR 511 Briginshaw v Briginshaw (1938) 60 CLR 336 Camilleri’s Stock Feeds Pty Ltd v Environment Protection Authority (1993) 32 NSWLR 683 Commonwealth v Director, Fair Work Building Industry Inspectorate [2015] HCA 46; 258 CLR 482 Construction, Forestry, Maritime, Mining and Energy Union v Australian Building and Construction Commissioner [2018] FCAFC 97; 264 FCR 155 Construction, Forestry, Maritime, Mining and Energy Union v Australian Building and Construction Commissioner (The Broadway on Ann Case) [2018] FCAFC 126; 265 FCR 208 Construction, Forestry, Mining and Energy Union v Cahill [2010] FCAFC 39; 269 ALR 1 Construction, Forestry, Mining and Energy Union v Williams [2009] FCAFC 171; 262 ALR 417 Environment Protection Authority v Barnes [2006] NSWCCA 246 Forster v Jododex Australia Pty Limited (1972) 127 CLR 421 Jones v Dunkel (1959) 101 CLR 298 Markarian v The Queen [2005] HCA 25; 228 CLR 357 McDonald v AMP Financial Planning Pty Ltd [2018] QSC 195; 129 ACSR 605 Mill v The Queen (1988) 166 CLR 59 Minister for the Environment, Heritage and the Arts v PGP Developments Pty Limited [2010] FCA 58; 183 FCR 10 Mornington Inn Pty Ltd v Jordan [2008] FCAFC 70; 168 FCR 383 Neat Holdings Pty Ltd v Karajan Holdings Pty Ltd (1992) 110 ALR 449 NW Frozen Foods Pty Ltd v Australian Competition and Consumer Commission (1996) 71 FCR 285 R v Bibaoui [1997] 2 VR 600 R v Finnie [2002] NSWCCA 533 Royer v The State of Western Australia [2009] WASCA 139; 197 A Crim R 319 Russian Commercial and Industrial Bank v British Bank for Foreign Trade Limited [1921] 2 AC 438 Singtel Optus Pty Ltd v Australian Competition and Consumer Commission [2012] FCAFC 20; 287 ALR 249 The Attorney-General v Tichy (1982) 30 SASR 84 Thorn v The Queen [2009] NSWCCA 294; 198 A Crim R 135 Tobacco Institute of Australia Limited v Australian Federation of Consumer Organisations Inc (No 2) (1993) 41 FCR 89 TPG Internet Pty Ltd v Australian Competition and Consumer Commission (2012) 210 FCR 277 Trade Practices Commission v CSR Limited [1990] FCA 521; (1991) ATPR 41-076 Trade Practices Commission v Stihl Chain Saws (Aust) Pty Ltd (1978) ATPR 40-091 Veen v The Queen (No 2) (1988) 164 CLR 465
Date of hearing:	15 April 2019
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