Westpac New Zealand Limited and Westpac Banking Corporation (Westpac)
The Commerce Commission considered that Westpac engaged in conduct that was misleading or likely to mislead certain customers by understating the risks and/or overstating the benefits of interest rate swap agreements. The Commission and Westpac reached a negotiated settlement whereby Westpac agreed to make available $2.47 million to eligible customers and make an out-of-court admission that some of its conduct breached section 9 of the Fair Trading Act 1986 in relation to some of its rural customers.
PartiesWestpac New Zealand Limited and Westpac Banking Corporation (Westpac)
