Tag: customer_remediation

BNZ Fined $2.6 Million for Misleading Interest Calculation Practices

17 Jun 2026 1:01 p.m. · Source: NZ Financial Markets Authority

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.

Business Banking Financial Markets Legal Economy BNZ Financial Markets Authority Misleading Conduct Interest Calculation Customer Remediation Financial Markets Conduct Act NZ Financial Markets Authority