Westpac has completed the sale of Westpac Life Insurance Services Ltd to TAL Dai-Ichi Life Australia. The terms of the $900 million sale are unchanged from when it was announced last August. The bank expects to report a total loss of around A$1.37 billion on the sale, of which $270 million was incurred in 2020/21. A loss of around $1.1 billion will be included in the 2021/22 results. Completion of the sale adds 17 basis points to Westpac’s common equity tier 1 capital ratio. The chief executive of specialist lender QuickFee, Eric Lookhoff, has resigned. Citing personal reasons, Lookhoff will work out a four-month notice period while the board searches for a new CEO.  The Australian Banking Association and 20 other business and finance industry bodies have come together to support improved climate-related and other sustainability reporting. The group has issued a joint submission welcoming the International Sustainability Standards Board’s draft reporting standards, which were issued in March. The ISSB’s aim is to establish a global baseline covering governance, strategy, risk management, metrics and targets. The International Organisation of Securities Commissions is reviewing the draft standards, with a view to endorsing their use by member market authorities. The Auckland High Court has given the green light to a class action against ANZ and ASB over breaches of disclosure obligations, ruling yesterday that the case will include all affected bank customers unless they opt out. It will cover ASB customers who had a loan between 6 June 2015 and 18 June 2019 and requested a variation to their loan during that period. The claim against ANZ centres on a faulty loan calculator used between 30 May 2015 and 28 May 2016. The claim alleges that the banks have failed to refund more than 150,000 customers’ interest and fees they were not entitled to charge due to the breaches. Both banks have already admitted the breaches, settled with the Commerce Commission and paid compensation. However, they have indicated they will defend the class action.