Briefs: Police Bank acts on board, ANZ facing court action, AFG adds niche lender

A former trade union heavyweight is the new chair of Police Bank. Peter Remfrey takes the helm at a time of drastic change at the Sydney-based bank. Remfrey has been on the board since 2016 and acting chair since March. He served as Deputy Chair from December 2018. Remfrey worked for the Police Association NSW for 34 years, including 15 years as its Secretary. Raff Del Vecchio is the new deputy chair. Del Vecchio is currently the Assistant Secretary of Police Association of NSW.

ANZ New Zealand says it is "very sorry" some of its customers were issued multiple sets of credit card repayment insurance, and that it failed to cancel CCRI policies being paid for by ineligible customers. The Financial Markets Authority announced on Friday it had filed High Court proceedings against ANZ Bank New Zealand alleging the bank contravened section 22 of the Financial Markets Conduct Act by making false and misleading representations about the cover of the policies. The regulator is seeking declarations of contravention of the Financial Markets Conduct Act, pecuniary penalties and costs. ANZ said it identified these issues, reported them to the FMA in June 2019, and had already compensated affected customers a total of approximately NZ$440,000. "ANZ however acknowledges that it took too long to report the issues to the FMA, and will engage with the FMA on its reporting framework over the coming weeks," it added.

Mortgage aggregator AFG has added specialist lender Australian Motorcycle and Marine Finance to its business lending platform. AMMF’s commercial product range includes funding for all-terrain vehicles, bike and boat trailers, marine craft, ride-on mowers and motorcycles.