Commerce Commission warns HSBC over credit contracts

HSBC's New Zealand operations stopped accepting new retail banking customers on Tuesday. (Image: Getty)

Wed, 14 Jun 2023

A major international bank has received a warning from the Commerce Commission following an investigation into potential breaches of consumer credit laws. Hong Kong Shanghai Banking Corporation (HSBC) prompted the commission’s investigation by self-reporting several breaches of the Credit Contracts and Consumer Finance Act 2003 (CCCFA) to them. The breaches involved late disclosures of agreed variations to its home loan product and initial disclosures (disclosures before consumers enter into credit contracts) around its tempora...

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