His misconduct led to numerous customer complaints being registered – which are expected to cost Westpac $2.2m in compensation payments to 91 clients. After resigning in 2015, he applied for a role with Dover Financial Advisers on 21 April 2015. Michael Wright, the head of Westpac’s BT financial advice subsidiary, admitted to the royal commission on Friday that it took months for Westpac to report Smith’s conduct to the Australian Securities and Investments Commission (Asic) as a “significant breach”. • Sign up to receive the top stories in Australia every day at noonHe also said Westpac did not provide details about Smith’s record to Dover Financial whenit asked for a reference, other than to say the bank “had concerns about [Smith’s] conduct”. By this time, Westpac’s investigations had identified serious deficiencies in Smith’s conduct but it would not provide those details to Dover.

Source: The Guardian April 20, 2018 07:18 UTC