FSR waived for a few

The Australian Securities and Investments Commission said it would waive the requirement for agents of Westpac operating in nominated, and remote, black communities in northern Australia to hold the usual qualifications to provide financial advice that apply to other bank staff and agents. The thinking behind the waiver is that this will make it easier for Westpac’s agents and other community activists to encourage the take up of basic bank accounts in districts where the level of community capital is slight and social problems extensive.

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