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ANZ New Zealand waits on penalty verdict

ANZ New Zealand has admitted to breaching the Financial Markets Conduct Act by charging customers for credit card repayment insurance (CCRI) that offered them no cover or benefit. In a hearing at the High Court, the bank admitted to making misleading representations in the supply of CCRI to certain bank customers.

The admissions were made as part of a resolution reached between the Financial Markets Authority (FMA) and ANZ over proceedings filed by the FMA in June 2020.

In the first civil proceedings it has brought under the fair-dealing provisions in part 2 of the FMCA, the FMA is seeking both a pecuniary penalty of $280,000 and declarations of contravention. It is now waiting on the Court's decision.

 

 

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