Tag: bnz
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BNZ Pays $2.6 Million to Crown Following FMA Undertaking for Interest Calculation Breaches
BNZ has agreed to an enforceable undertaking with the FMA, paying $2.6 million to the Crown for breaches related to interest calculation on non-profit accounts. The bank apologized and confirmed all impacted customers have been remediated.
BusinessBankingFinancial MarketsLegalEconomy BNZFinancial Markets AuthorityFMAFinancial Markets Conduct ActNon-profit accountsInterest calculationEnforceable undertaking
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BNZ Fined $2.6 Million for Misleading Interest Calculation Practices
BNZ admitted misleading customers on interest calculations for non-profit accounts, breaching fair dealing rules. The bank will pay $2.6 million to the Crown and has remediated 23,103 affected customers for $5.44 million in underpaid interest.
BusinessBankingFinancial MarketsLegalEconomy BNZFinancial Markets AuthorityMisleading ConductInterest CalculationCustomer RemediationFinancial Markets Conduct ActNZ Financial Markets Authority
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New Zealand First Unveils Compulsory KiwiSaver at Birth and BNZ Buy-Back Plan
New Zealand First proposes compulsory KiwiSaver at birth with a $1000 Crown contribution and plans to buy back BNZ, merging it with Kiwibank to form a new "National Bank of New Zealand" to boost economic sovereignty.
Politics and GovernmentBusinessGeneral PoliticsEconomyBankingFinancial MarketsEmployment and LaborElection New Zealand FirstWinston PetersKiwiSaverBNZKiwibankNational Bank of New ZealandEconomic PolicyNZ First