Westpac completes credit card credit limit increase remediation program
07 February, 2018
Westpac today confirmed it has completed a remediation program for credit card customers affected by a former credit limit increase process issue. The matter was reported by the Australian Securities & Investments Commission (ASIC) and the press in January 2016 and impacted customers were also informed at this time.
The issue related to whether employment status and income had been directly reconfirmed in the credit card credit limit increase application process. Following an industry wide review in 2014 and feedback from ASIC, Westpac reviewed and amended its application forms and processes in March 2015.
Westpac subsequently commenced a program to review customers who may have been affected by the credit limit increase process. It completed this by February 2017 and kept ASIC informed, including sharing the independent assurance report over the remediation.
As part of the program, 3,401 customer accounts were remediated. This included refunds and limit reductions, with $11.3 million in total refunded directly to customers.
Westpac is committed to lending responsibly. If we get something wrong, we will acknowledge it and will put it right for our customers.