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Example: "How do I apply for a financial institution licence?", "FMA Annual Report 2024"
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Publishing this information on the FMA’s website will improve transparency of when and how banks pass through changes to the RBNZ’s Official Cash Rate (OCR) for new and existing customers. It provides consumers a centralised source of truth to view the interest rates of the Financial Institutions participating.
Westpac misled customers entitled to advertised discounts resulting in overcharges and penalties after failing to correctly apply fee discounts.
WESTPAC BANKING CORPORATION (FSP36250) is a licenced Financial Institution.
WESTPAC NEW ZEALAND LIMITED (FSP35681) is a licenced Financial Institution.
Westpac Banking Corporation, FSP36250, is a licensed derivatives issuer.
FMA has reached a settlement with Westpac regarding the sale, promotion and marketing of interest rate swaps to some rural customers.
Westpac Banking Corporation is a KiwiSaver exempt employer
Westpac New Zealand Limited is a KiwiSaver exempt employer
Westpac is to pay a penalty of $3.25 million for misleading customers entitled to advertised discounts as well as overcharging some of its business customers.