Westpac fined $3.25 million

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Fri, 02 May 2025

Westpac has been fined $3.25 million for misleading customers over advertised discounts resulting in more than 24,000 people being overcharged.In total, 24,621 customers were affected by Westpac’s breaches of fair-dealing provisions leading to $6.35m in overcharges.Westpac admitted its conduct in civil proceedings brought by the Financial Markets Authority at the High Court at Auckland in December 2024.A Westpac spokesperson said the bank had fully co-operated with the FMA’s investigation.“Westpac NZ self-reported to the FMA a...

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