In June last year, APRA delegated certain enforcement powers under the Banking Act to the Australian Securities and Investments Commission (ASIC), which was conducting its own investigation, the better to avoid duplication of effort.

Having carefully considered the results of ASIC’s investigation, APRA has determined to close its investigation. Westpac remains subject to a court enforceable undertaking (CEU) to implement a 'remediation' plan. There is an A$1 billion operational risk capital add-on, which takes account of the bank’s high operational risk profile. This will remain in place until Westpac completes its 'remediation' to APRA’s satisfaction.