As first reported in August, Westpac NZ self-reported to the Commerce Commission historical issues with some Westpac products 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.
The High Court in Auckland has ordered Westpac NZ to pay an agreed $3.64m penalty in relation to these issues. Westpac co-operated fully with the Commerce Commission's investigation and we are pleased to have resolved the matter.
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