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....

More Finance

ANZ admits 'unacceptable failure' as bond probe continues
Finance

ANZ admits 'unacceptable failure' as bond probe continues

Regulator is investigating the bank over its bond turnover data.

AAP 25 Jul 2024
ComCom will try to bring down PayWave, credit card surcharges
Finance

ComCom will try to bring down PayWave, credit card surcharges

Card industry tried to regulate itself, Govt has tried, now it is ComCom's turn.

Staff reporters 23 Jul 2024
Massive cyber outage cripples banks and other organisations worldwide
Finance

Massive cyber outage cripples banks and other organisations worldwide

A major cybersecurity outage has taken out computer-reliant services

Dileepa Fonseka 19 Jul 2024