Westpac acknowledges ASIC civil proceedings on CCI

ASX
Release

8 April 2021

ASIC commences civil proceedings in relation to the sale of consumer credit
insurance

Westpac acknowledges the proceedings announced by ASIC today in relation to the sale
of consumer credit insurance (CCI) products to approximately 384 customers.

The proceedings relate to allegations that Westpac supplied CCI to certain customers
who had not requested or agreed to acquire this product.

ASIC is seeking, among other things, declarations of contraventions of certain civil
penalty provisions and unspecified monetary penalties relating to the period from 7 April
2015 to 28 July 2015.

Westpac is carefully considering these claims and is committed to working constructively
with ASIC through the Court process.

Westpac has not sold CCI products since 2019.

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For further information:

Lisa Parrett Andrew Bowden
Media Relations Head of Investor Relations
0432 933 796 0438 284 863


This document has been authorised for release by Tim Hartin, General Manager & Company
Secretary.



Level 18, 275 Kent Street
Sydney, NSW, 2000