ComCom - Commerce Commission

Westpac New Zealand Fined NZD $3.64 Million (about US$2.11 million) for Breaching Lending Laws Westpac New Zealand Ltd has been fined $3.64 million by the High Court for breaching lender responsibility principles under the Credit Contracts and Consumer Finance Act. The penalty, the largest under the Act to date, was imposed for Westpac's failure to provide legally required loan information and honor agreed interest rate discounts due to inadequate systems and processes. The deficiencies affected up to 11,398 borrowers, who were remediated a total of $2.67 million, and 3,012 guarantors. Westpac admitted to the breaches and self-reported the issues to the Commerce Commission, which conducted a thorough investigation.