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Australian regulator says Westpac to compensate customers for advice lapses

July 2 (Reuters) - Australia’s corporate regulator said on Friday Westpac Banking Corp expects to pay A$87 million ($64.97 million) to former customers of its advice business who were not given important updates on companies that they held shares in.

The failure to notify about 32,000 customers of corporate actions, including buybacks and share issues, occurred between 2005 and 2019, the Australian Securities and Investments Commission (ASIC) said.

$1 = 1.3390 Australian dollars Reporting by Harish Sridharan and Nikhil Kurian Nainan in Bengaluru

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