FMA seeks $280k from ANZ for credit card breaches

Fri, 12 Feb 2021

The High Court judge set to penalise ANZ for making false representations about credit card policies says “it’s a systems issue rather than a purposeful issue.”Justice Matthew Muir gave a tentative view this morning on how he will penalise the bank for Financial Markets Conduct Act breaches over credit card insurance.The issue relates to more than 300 customers who were charged for credit card repayment insurance policies which actually offered no benefit, or had duplicate policies.ANZ already paid affected customers more than...

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