Financial Markets Conduct (Conduct of Financial Institutions – Westpac Banking Corporation) Exemption Notice 2025

The Financial Markets Conduct (Conduct of Financial Institutions – Westpac Banking Corporation) Exemption Notice 2025 (Notice) exempts Westpac Banking Corporation (WBC) from the requirements contained in subpart 6A of Part 6 of the FMC Act in respect of the provision of a relevant service or an associated product to an exempt customer (Cross-border Services).

WBC provides Cross-border Services from outside New Zealand to certain consumers in New Zealand.   This is limited to existing customers of WBC who have moved to New Zealand, consumers intending to move overseas, and consumers who approach WBC for services that relate to activities the consumer carries on overseas (exempt customers).

The broad effect of the exemption is that WBC does not have to comply with requirements designed to ensure that financial institutions treat consumers fairly in respect of the Cross-border Services.

The exemption requires WBC to be licensed to carry on banking business in its home jurisdiction of Australia, and licensed, authorised or otherwise permitted to carry on banking business or to provide the relevant services in any other jurisdiction from which it provides the services.  Conditions prevent WBC distributing advertisements that target New Zealand consumers (other than in very limited circumstances with appropriate disclosures included) and require it to give customers information (through terms and conditions or otherwise) directed at making it clear, in relation to services that are designed to be provided to consumers, that the provision of the services, and any disputes, will be governed by the laws of Australia or other overseas jurisdiction the services are provided from.

The reasons for granting the exemption are set out in the Statement of Reasons in the Notice.

Download Financial Markets Conduct (Conduct of Financial Institutions – Westpac Banking Corporation) Exemption Notice 2025 [PDF 240KB]