(Adds details on remediation)
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, share issues and takeovers, occurred between 2005 and 2019, the Australian Securities and Investments Commission (ASIC) said.
Australia’s second-largest bank expects to compensate the customers by the end of the year and will also let them know of missed notifications, even if it does not warrant a payment, the regulator said.
Westpac did not immediately respond to a request for comment.
The regulator said there were an estimated 328,000 missed notifications, and the remediation will be complex given the different types of corporate actions.
ASIC said Westpac first reported its failings to the regulator in July 2019. The bank’s advice businesses are no longer providing personal financial advice.
$1 = 1.3390 Australian dollars Reporting by Harish Sridharan and Nikhil Kurian Nainan in Bengaluru; Editing by Devika Syamnath