FMA and Kiwibank settle on $812,500 penalty for customer overcharging

The average loss to a Kiwibank customer was around $16. (Image: Kiwibank)

Mon, 09 Oct 2023

The Financial Markets Authority and Kiwibank have agreed on an $812,500 penalty for the bank for overcharging its customers on bank fees. Both sides were in the high court in Wellington on Oct 9, making final submissions to Justice Francis Cooke. The final decision will be up to Justice Cooke, who reserved his decision.Kiwibank has admitted it breached the Financial Markets Conduct Act (FMCA) by charging several bank fees for customers with home loans or other eligible banking packages. That was despite those fees being listed as...

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