High court confirms $812,500 civil penalty for Kiwibank

Thu, 12 Oct 2023

The high court in Wellington has confirmed that Kiwibank will pay an $812,500 civil penalty for misleading customers over bank fee waivers. The ruling by Justice Francis Cooke follows a hearing on Oct 9 where Kiwibank and the Financial Markets Authority (FMA) agreed on the $812,500 figure.Kiwibank has already admitted breaching the fair dealing provisions of the Financial Markets Conduct Act 2013 (FMCA).Justice Francis Cooke ruled that the penalty was appropriate, noting that the contraventions happened over a long period of time and affec...

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