Regulator sues ANZ over credit card insurance

Regulator sues ANZ over credit card insurance
Dan Brunskill
The Financial Markets Authority has filed High Court proceedings against ANZ Bank New Zealand, alleging it charged some customers for credit card repayment insurance policies that offered those customers no cover. The FMA claims the bank issued duplicate policies to some customers, charging premiums on those policies which provided no additional cover and failed to cancel policies issued to customers who were ineligible for cover. “ANZ sold a product that, for some customers, offered no benefit,” FMA general counsel, Nick Kynoch said....

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