The Australian Securities and Investments Commission is taking action against Westpac in the Federal Court on Thursday, alleging that two of the bank’s subsidiaries breached “best interests” obligations and provided personal financial advice when they were not permitted to do so.

ASIC has commenced civil penalty proceedings against two Westpac subsidiaries for potential contraventions of FOFA compliance requirements.

Westpac has refunded $20 million after it failed to properly inform credit card customers they would be charged foreign transaction fees for overseas purchases made in Australian dollars.

WESTPAC has agreed to refund some customers after failing to make reasonable inquiries into their employment status before increasing their credit card limits.