Vasiliou v Westpac Banking Corporation & Ors

The applicants, Vasiliou and others, brought proceedings against Westpac Banking Corporation and other respondents in the High Court of Australia. The dispute concerned allegations of misleading and deceptive conduct in contravention of the *Trade Practices Act 1974* (Cth) (now the *Competition and Consumer Act 2010* (Cth)) and the *Australian Securities and Investments Commission Act 2001* (Cth). Specifically, the applicants alleged that the respondents engaged in conduct that was misleading or deceptive, or likely to mislead or deceive, in relation to financial products and services.

The central legal issue before the High Court was whether the applicants had established a contravention of the relevant provisions of the *Trade Practices Act* and the *ASIC Act*. This involved determining whether the conduct of the respondents, as alleged by the applicants, was indeed misleading or deceptive, and whether the applicants had suffered loss or damage as a consequence of that conduct. The Court also considered the scope and application of the statutory prohibitions against misleading or deceptive conduct in the context of financial services.

In their joint judgment, Gummow and Kiefel JJ analysed the evidence presented and the relevant statutory provisions. Their Honours affirmed that the test for misleading or deceptive conduct focuses on the effect of the conduct on a relevant section of the public, rather than on the intention of the party engaging in the conduct. They applied established principles regarding the assessment of whether conduct is misleading or deceptive, considering the overall impression created by the representations made. The Court found that the applicants had failed to establish the necessary elements of their claims, concluding that the conduct in question did not amount to misleading or deceptive conduct as defined by the legislation.

Consequently, the High Court dismissed the applicants' appeal.