Tag: financial_markets_conduct_act
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Tower Faces $7 Million Penalty for Misleading Customers
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
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IAG to Pay $19.5 Million Penalty for Widespread Failures
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
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ANZ Pays $3.25 Million for Misleading Statements
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
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FMA Warns Kiwibank for Overcharging Customers
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