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Australia's corporate regulator appeals Westpac court decision
[SYDNEY] Australia's corporate regulator said on Monday it appealed a court case it lost against Westpac Banking Corp over the lender's treatment of customers during a drive to boost its pension funds.
The Federal Court found last year that the bank and its funds management division had failed to treat customers honestly, but had not breached its licence, when it asked them to shift their superannuation savings into the lender's accounts.
The Australian Securities and Investments Commission said it appealed the decision to press for greater clarity around whether the bank had breached its licence. Westpac had no immediate comment.