Westpac
Westpac acknowledges the civil penalty proceedings commenced by ASIC today in the Federal Court alleging contraventions under the ³Ô¹ÏÍøÕ¾ Credit Code (Credit Code) and ³Ô¹ÏÍøÕ¾ Consumer Credit Protection Act (NCCP Act).
The proceedings relate to a technology failure in which ASIC alleges 229 applications for hardship assistance submitted between 2015 and 2022 were not assessed within 21 days, as required under the Credit Code. Over this period, Westpac received approximately 630,000 applications for hardship assistance.
“This error meant we didn’t provide some of our customers with the help they needed. For this, we are deeply sorry,” said Westpac Group Chief Information Officer, Scott Collary.
/Public Release. View in full .
