The Reserve Bank of New Zealand (RBNZ) has filed a charge in the District Court against Westpac New Zealand Limited, alleging a breach of 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 Dec. 5, 2025, and March 24, 2026. Deposit takers must provide complete, accurate and current information that is easy to find. Westpac has restored the product to its webpage, and the alleged omission did not affect customers’ DCS protection or the scheme’s operation or availability. The District Court will decide whether the offence is proven and what fine, if any, to impose.
Reserve Bank of New Zealand files charge against Westpac over alleged Depositor Compensation Scheme disclosure breach
The Reserve Bank of New Zealand has brought a District Court charge against Westpac New Zealand Limited for allegedly omitting its Custodian PIE product from its Depositor Compensation Scheme webpage for approximately 109 days. Westpac has corrected the omission, which did not affect customers’ scheme protection. The court will determine whether the offence is proven and whether to impose a fine.