FMA takes ASB Bank to court for overcharging customers

ASB Bank is accused of not applying discounts and fee waivers for customers. (Image: NZME)

Tue, 08 Oct 2024

The Financial Markets Authority has filed civil proceedings against ASB Bank for alleged misrepresentation regarding insurance and banking services, which resulted in nearly $4 million in overcharging for customers.The regulator is seeking declarations in the high court in Auckland that ASB breached the Financial Markets Conduct Act (FMCA), along with fines and court costs. The case filed in the High Court in Auckland against the bank is two-pronged. The regulator is accusing ASB Bank of failing to apply discounts on ASB-branded insurance...

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