Westpac New Zealand Limited

The Commission has filed civil proceedings in the High Court against Westpac New Zealand Limited seeking declaratory orders and pecuniary penalties in relation to breaches of the lender responsibility principles in the Credit Contracts and Consumer Finance Act. Westpac consented to the Commission seeking the orders following a settlement between the parties prior to the proceedings being filed. Westpac will admit that it failed to have adequate systems and processes in place to ensure customers and some guarantors were provided with the required disclosure under the Act; and to apply previously agreed interest rate discounts to certain customers’ homes loans.