Tag: financial_markets_conduct_act

• BNZ Pays $2.6 Million to Crown Following FMA Undertaking for Interest Calculation Breaches

  17 Jun 2026 1:33 p.m. · Source: Bank of New Zealand

  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

• 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.

  BusinessBankingFinancial MarketsLegalEconomy BNZFinancial Markets AuthorityMisleading ConductInterest CalculationCustomer RemediationFinancial Markets Conduct ActNZ Financial Markets Authority

• Tower Faces $7 Million Penalty for Misleading Customers

  9 Dec 2025 2:01 p.m. · Source: NZ Financial Markets Authority

  Tower has been ordered to pay a $7 million penalty for misleading representations, leading to over $11 million in overcharges to customers. The FMA brought civil proceedings after Tower self-reported the issue.

  BusinessLegalAustralasiaFinancial MarketsLaw Enforcement TowerFinancial Markets AuthorityFMAFinancial Markets Conduct ActFMC ActAucklandCivil ProceedingsNZ Financial Markets Authority

• IAG to Pay $19.5 Million Penalty for Widespread Failures

  6 Oct 2025 1:30 p.m. · Source: NZ Financial Markets Authority

  IAG New Zealand Limited has been penalised $19.5 million for fair dealing breaches after admitting to making false and/or misleading representations about its insurance products, affecting approximately 269,000 customers.

  BusinessPolitics and GovernmentFinancial MarketsLegalEconomy IAG New Zealand LimitedFinancial Markets AuthorityLouise UngerFinancial Markets Conduct Actfair dealingpecuniary penaltyNZ Financial Markets Authority

• ANZ Pays $3.25 Million for Misleading Statements

  8 Sep 2025 10:02 a.m. · Source: NZ Financial Markets Authority

  ANZ admits to breaching fair dealing laws after an FMA investigation, paying $3.25 million for wrongly applying fees and incorrectly claiming mortgage incentive repayments.

  BusinessPolitics and GovernmentEconomyFinancial MarketsBankingLegal ANZFinancial Markets AuthorityFMAFinancial Markets Conduct ActMortgage incentivesOverdraft feesFinanceNZ Financial Markets Authority

• FMA Warns Kiwibank for Overcharging Customers

  6 Aug 2025 9:01 a.m. · Source: NZ Financial Markets Authority

  The FMA has warned Kiwibank for overcharging customers on joint accounts between 2011 and 2024. Kiwibank overcharged 8,663 customers a total of $912,053.79. The FMA has said that Kiwibank could have identified the issue earlier.

  BusinessPolitics and GovernmentFinancial MarketsBankingLegal FMAKiwibankFinancial Markets Authorityoverchargingfee waiversjoint accountsFinancial Markets Conduct ActNZ Financial Markets Authority

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