Westpac New Zealand Limited

Westpac New Zealand Limited (Westpac) is likely to have breached sections 13(e) and/ or 13(g) of the Fair Trading Act 1986 (and Part 2 of the Financial Markets Conduct Act 2013) by misrepresenting to customers that certain account packages aimed at school leavers included an annual fee waiver on debit or credit cards. The FMA and Commission agreed to accept enforceable undertakings from Westpac in relation to this conduct. As part of the undertakings, Westpac will refund over $1.2m to approximately 61,000 customers.