Westpac to pay customers $3.7m after credit contracts breach

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...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

On the Money

On The Money: Fisher Funds, FirstCape, NZX snacks, and more...

Our regular weekend round-up of corporate (and other) ephemera.

Pattrick Smellie 20 Apr 2024

Economy

Simon Robertson: How to discourage wealth

Let NZers invest $1 offshore without making the starting point 95c every year.

Simon Robertson 20 Apr 2024

Infrastructure

AI is a humungous electricity hog. That’s great

Who better to drive clean-energy investment than some of the world’s biggest firms?

Bloomberg 20 Apr 2024

AI is a humungous electricity hog. That’s great

Sponsored

Boosting rural growth with innovation

Productivity and sustainability go hand in hand for the rural sector

ASB Scam Update

Sponsored

Auckland's new "Midtown" taking shape

5-star hybrid workspaces, combined with the City Rail Link, are creating a revitalised inner-city zone designed to motivate workers back to the office.

Alberts