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ANZ New Zealand admits to misrepresentations over credit card insurance charges -regulator

Reuters logo Reuters 11/02/2021
a group of people walking down a street in front of a store: FILE PHOTO: A branch of ANZ Bank is seen in Wellington, New Zealand © Reuters/PRAVEEN MENON FILE PHOTO: A branch of ANZ Bank is seen in Wellington, New Zealand

(Reuters) - New Zealand's financial markets regulator on Friday said the local unit of Australia and New Zealand Banking Group admitted to breaching certain laws by misleading some customers over credit card insurance charges.

The regulator is seeking a penalty charge of NZ$280,000 for the case, with the decision of the court still pending.


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An ANZ spokesman in New Zealand said the bank was awaiting the decision of the court, adding that it stopped selling credit card repayment insurance in 2019.

(Reporting by Shriya Ramakrishnan in Bengaluru; Editing by Leslie Adler and Tom Hogue)

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