Westpac & ANZ share prices: a $9 million fine and new CEO is named

Both of the big four bank’s stock fell today: Westpac was slapped with a $9 million fine from ASIC and ANZ named a new CEO for its New Zealand operations.

Westpac share price: dour news persists

As if AUSTRAC and APRA’s scrutiny wasn't enough, Westpac has today been hit with a $9 million fine by the corporate regulator. Though a ways off the potential multi-billion fine the bank is facing from AUSTRAC – it highlights the mounting regulatory pressure for Westpac and the big four in general.

Centrally concerning the provision of poor financial advice, the Federal Court of Australia today found Westpac guilty of contravening Section 961K of the Corporations Act on 22 occasions.

As part of this court case, which commenced in April 2019, it was found that Mr Sudhir Sinha – a Senior Westpac Financial Planner – had ‘failed to act in the best interests of his clients, provided inappropriate financial advice, and failed to prioritise the interests of his clients, in four sample client files identified by ASIC.’

‘Westpac is directly liable for these breaches, which attracts a significant civil penalty, because the law imposes a specific liability on licensees for the breaches of their financial advisers,’ noted the regulator.

Mr Sinha was banned from providing financial services advice – for five years – in June 2017.

The Westpac (ASX: WBC) share price dropped with the broader market today, falling 0.49% – to hit $24.38 per share by the late afternoon.

Practise trading Australian bank stocks with an IG demo account now

ANZ share price: a new CEO revealed

In more optimistic news, Australia and New Zealand Banking Group (ASX: ANZ) today announced the appointment of a new Chief Executive Officer to the bank’s New Zealand arm.

Sourced internally, the bank revealed that Antonia Watson will take the top spot at ANZ NZ.

'Ms Watson joined ANZ NZ in 2009 as financial controller before becoming Chief Financial Officer in 2012. In 2017 she was appointed Managing Director Retail and Business Banking'

'Having grown up in Auckland, she graduated from Otago University with a Bachelor of Commerce degree with honours, and later became a qualified accountant. She has previously worked for KPMG in New Zealand and Morgan Stanley in London, Sydney and Budapesy,’ the Bank further said.

Ms Watson will be the first New Zealand woman to take on the Chief Executive role at ANZ.

With the Managing Director of Retail and Business Banking position now empty, Ben Kelleher will take up this role in an acting capacity until a suitable candidate is sourced.

By the late afternoon the ANZ share price had fallen almost half a percent, to $24.92 per share.

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get spreads from just 0.1% on major global shares
  • Trade CFDs straight into order books with direct market access

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.