The Reserve Bank of New Zealand – Te Pūtea Matua
(RBNZ) has filed a charge against Westpac New Zealand
Limited (Westpac), alleging it has breached the Depositor
Compensation Scheme (DCS) disclosure requirements under the
Deposit Takers Act 2023.
Westpac’s Custodian PIE
product was allegedly missing from its DCS webpage for
approximately 109 days between 5 December 2025 and 24 March
2026.
“Depositors need to know whether their money
is protected by the DCS. Deposit takers must provide
complete, accurate and up-to-date information that is easy
to find. We take non-compliance with these core requirements
seriously and will take enforcement action where
appropriate,” says Director of Enforcement and Resolution,
Kerry Beaumont.
“The infringement process allows us
to respond to lower-level non-compliance in a way that
matches the seriousness. We consider each case individually,
including what the deposit taker has done to fix the problem
and how it has co-operated with us.”
The alleged
breach concerns missing information on Westpac’s DCS
webpage. This did not affect customers’ DCS protection or
the operation or availability of the scheme. Westpac has
added the product back to its webpage.
This charge is
an allegation. The District Court will decide whether the
offence is proven and what fine, if any, to impose. RBNZ
will not comment further while the matter is before the
Court.
Advertisement – scroll to continue reading