The Commerce Commission has announced it has filed a proceeding against Westpac NZ in the High Court.
The matter relates to historical issues with some Westpac products which we identified and self-reported to the Commerce Commission in early 2022. The issues relate to compliance with the responsible lending provisions of the Credit Contracts and Consumer Finance Act (CCCFA) for some customers.
We worked promptly to close the identified compliance gaps, and we are in the final stages of completing remediation for customers as applicable.
Westpac has co-operated fully with the Commerce Commission investigation and has admitted the breaches in the proceeding. Westpac and the Commerce Commission are aligned in their views on the appropriate penalty, and it is not expected to have an impact on our 2H25 results. The penalty will be determined by the High Court in due course.
