Exemption for Westpac Banking Corporation

On 17 November 2022, 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 in respect of RAMS products for non-individuals until 1 July 2023, and deferring its obligations to provide secondary user functionality for RAMS products and for Foreign Currency Account and Margin Loan Products offered through Westpac’s non-primary brands until 15 August 2023. The ACCC granted the exemption in response to an application from Westpac.