Over 6,000 ASB customers don’t know the bank owes them, report reveals

Over 6,000 ASB customers don’t know the bank owes them, report reveals
More than $571,000 was unable to be paid to more than 6,300 former ASB customers. (Image: NZME)
Garth Bray
ASB Bank has been unable to locate more than 6,000 customers owed remediation, which it had negotiated with the Commerce Commission to settle a breach of credit contract law. BusinessDesk has obtained a final report on the settlement agreement filed with the commission in 2022.  The report shows more than $571,000 was unable to be paid to more than 6,300 former customers to whom the bank had failed to provide disclosure on their home loans and personal loans. ‘Shambles’Litigation lawyer Scott Russell of Russell Legal...

More Law & Regulation

Co-operative Bank, ComCom agree penalty fee
Finance

Co-operative Bank, ComCom agree penalty fee

The bank is silent on the penalty amount it and the Commerce Commission are aligned on.

Amendment may create a fast-track to judicial reviews
Property

Amendment may create a fast-track to judicial reviews

How a fix to speed up projects could send more to court instead.

Commerce commission takes Mobil NZ to High Court
Law & Regulation

Commerce commission takes Mobil NZ to High Court

The Commerce Commission has initiated legal action against Mobil New Zealand, alleging that the company's pricing methods violate the Fuel Industry Act 2020.ComCom has filed proceedings in the High Court, claiming two ongoing breaches of the act, it said in a statement. The f...

BD AI 25 Nov 2025
Minerals royalties fall 40% as Govt orders review
Primary Sector

Minerals royalties fall 40% as Govt orders review

Govt’s cut from oil and gas slumps in line with production. 

Ian Llewellyn 25 Nov 2025