SYDNEY, June 15 (Reuters) - Australia's securities regulator said on Friday it had filed a lawsuit against No. 2 lender Westpac Banking Corp WBC.AX over alleged poor financial advice.
The Australian Securities and Investments Commission said a Federal Court civil lawsuit alleged that a former Westpac financial planner breached the "best interests" duty under the Corporations Act, provided inappropriate financial advice and failed to prioritise the interests of his clients.