BNZ warned over CCCFA breaches

Wed, 02 Dec 2020

The Bank of New Zealand has been warned by the Commerce Commission for probably breaching responsible lending rules and failing to provide timely and accurate information to borrowers.The warning comes after an investigation launched in mid-2019 when BNZ voluntarily made the regulator aware of these issues.In late 2018, BNZ reported 15 potential breaches of the Credit Contracts and Consumer Finance Act to the commission relating to certain home loans, personal loans, credit cards and overdrafts entered into or varied between June 6, 2015 and Fe...

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