FMA targets Westpac for overcharging customers $6.4m

(Image: Depositphotos)

Mon, 23 Dec 2024

Westpac has admitted overcharging 24,621 business and personal banking customers $6.35 million in a civil case brought by the Financial Markets Authority. A further hearing will be held at the High Court at Auckland to set penalties for the bank. The case revolves around Westpac failing to apply advertised discounts and overcharging some of its business customers. Financial Markets Authority (FMA) head of enforcement Margot Gaitland said the bank’s issues came from system deficiencies.“Westpac used preferential pricin...

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