ASB to pay customers $8.1m for responsible lending failures

Tue, 04 May 2021

ASB Bank has admitted to responsible lending failures and agreed with the Commerce Commission to repay customers $8.1 million.The commission said the bank admitted it failed to ensure its systems and processes were sufficient to ensure that required information was given to more than 73,000 home and personal loan customers when they made certain changes to their loans."The self-reported error occurred when the bank's standard operating procedure was not consistently followed for customers making changes to the relevant repayment date,...

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