NZ watchdog wants more swaps complaints
New Zealand's Commerce Commission has called for any remaining farmers concerned about the way they were sold interest rates swaps products to come forward with complaints.The Commission said in a statement on Friday it wanted customers of ANZ, Westpac and Commonwealth Bank of Australia's ASB to bring their complaints to the commission. The competition and fair trade watchdog began its investigation into mis-selling allegations against the three banks in mid-2012 and last month announced it was in talks with the banks about a resolution."We want to ensure that we have received information from all potentially affected customers before we take next steps in this investigation," said Commission chairman Mark Berry. "We cannot be confident that any compensation sought in Court or that may otherwise be available will be obtainable for customers who have not made contact with us," Berry said. Complainants to the Commission estimate ANZ, Westpac and ASB may have sold as much as NZ$4 billion worth of the products to farmers from 2005 to 2009. They allege they didn't understand the complexity of the products or that they would not benefit from falling interest rates. Banks in Britain may have to pay out 1.5 billion pounds to small businesses that were mis-sold similar swaps products. The Commission said in April it had 60 complainants.