Westpac Banking (ASX:WBC, NZE:WBC) was fined NZ$3.3 million for allegedly misleading customers entitled to advertised discounts as well as for overcharging some of its business customers, according to a Friday statement from New Zealand's Financial Markets Authority (FMA).
Westpac admitted its conduct in civil proceedings brought by the regulator at the High Court in Auckland in December 2024. It acknowledged that customers failed to receive advertised discounts, personal and business banking customers failed to receive benefits under advertised packaged arrangements, and the bank failed to honor agreed pricing for certain business customers.
The FMA said that Westpac cooperated throughout the regulator's investigation. The bank remediated impacted customers.
The regulator's head of enforcement, Margot Gatland, said that the lender's issues stemmed from deficiencies in its systems.
The bank's shares were up 1% in Australia and New Zealand in recent Friday trade.
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