Westpac, New Zealand

Westpac New Zealand admits to customer overcharges
Westpac New Zealand, the local unit of Australian lender Westpac, has admitted to misleading representations that led to customer overcharges totalling NZ$6.35m ($3.59m). This admission came as part of a civil proceeding initiated by New Zealand's Financial Markets Authority (FMA) at the High Court in Auckland.
Westpac apologies for overcharging 25,000 New Zealand customers $6.35m
Major bank Westpac has apologised after overcharging its New Zealand customers by more than $6m, by not giving them advertised benefits on a range of products.
Westpac Admits To Misleading Representations That Resulted In $6.35m In Overcharges
In the event, Westpac frequently overlooked the point; in turn up to 31% of eligible customers were overcharged. The overcharges were recorded in customers’ account statements (for account and card benefits) and/or their policy schedules and annual renewal letters (for insurance benefits).
Westpac NZ admits overcharging customers $6.35m
Westpac New Zealand has admitted to “misleading representations” that resulted in $6.35 million in overcharges, the Financial Markets Authority said. The FMA said Westpac made the admissions in civil proceedings brought by the authority at the High Court in Auckland.
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