Lack of disclosure costs Kiwibank $5.2m

Thu, 24 Sep 2020

Kiwibank will pay $5.2 million back to about 48,000 of its borrowers as part of a settlement agreement with the Commerce Commission after the state-owned bank admitted it didn't have appropriate disclosure policies in place, and had failed to act as a responsible lender.In a settlement dated Aug. 27, the bank said it failed to have robust home loan variation disclosure policies, procedures and systems in place, in conflict with the terms of the Credit Contracts and Consumer Finance Act, in that lenders must act carefully and responsibly in...

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