Exemption for Westpac

On 28 January 2021 the Australian Competition and Consumer Commission (ACCC) granted an exemption under section 56GD of the Competition and Consumer Act 2010 (Cth) to Westpac Banking Corporation (Westpac), deferring its consumer data sharing obligations for its asset finance products until 1 June 2021 and its margin loan accounts until 1 February 2022. The exemption granted also provides Westpac with a permanent exemption from sharing consumer data from margin loan accounts closed prior to 1 July 2021 and transactions on open margin loan accounts that occurred prior to 1 July 2021. The ACCC granted the exemption in response to an application from Westpac.