Banks pay back $109m to overcharged customers

The FMA's Clare Bolingford said remediation work showed the extent of weaknesses in firms' systems. (Image: FMA)

Thu, 06 Oct 2022

Banks have returned $109 million to nearly a million overcharged customers following a joint review by the Financial Markets Authority (FMA) and the Reserve Bank.The FMA said today that a total of $150m had been returned to more than 1.5 million customers following the conduct and culture reviews of both insurers and banks.Of that, the banks paid $109m to 952,000 customers with 266 separate issues remediated.The regulator staggered the announcement, having recently flagged that life insurers paid $43m to nearly half million customers to fix 225...

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