Finance

Westpac to pay customers $3.7m after credit contracts breach

Jenny Ruth
Tue, 11 Feb 2020

Westpac will pay customers $3.7 million in reparations.after agreeing with the Commerce Commission that it breached credit contracts disclosure law.The corporate regulator said Westpac breached the Credit Contracts and Consumer Finance Act 2003 by sending 19,365 new credit cards to customers between May 2017 and March 2018 but failing to provide those customers with key information before they entered into their contracts.The commission said that, due to a process error, Westpac failed to provide information about those customers' credit terms...

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