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

Electricity market reform calls proliferating
Law & Regulation

Electricity market reform calls proliferating

But a new report warns there is less winter demand flexibility than thought.

Pattrick Smellie 30 May 2025
AI reaches the Employment Court
Law & Regulation

Rachael Judge: AI reaches the Employment Court

Litigants should take care to ensure that AI is used appropriately.

Rachael Judge 30 May 2025
Liquidator Damien Grant survives bid to remove him
Property

Liquidator Damien Grant survives bid to remove him

The $200m Ormiston Rise housing project has been the subject of ongoing legal battles.

Maria Slade 30 May 2025
Mainzeal liquidators seek $4.1m more from insurers
Property Exclusive

Mainzeal liquidators seek $4.1m more from insurers

Meanwhile, Richard Yan's castle sells for $3.2m. 

Victoria Young 29 May 2025