Exemption for Westpac Banking Corporation

On 16 December 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 certain foreign currency account and equipment finance products offered through its St George, Bank of Melbourne and BankSA brands until 1 November 2022. 

Westpac was also granted an exemption from its consumer data sharing obligations for certain automotive finance products, cash management products and term deposits offered through its sub-brands and through white-labelled arrangements. In addition, it was granted an exemption for other specified accounts. 

The ACCC granted the exemption in response to an application from Westpac.