Tag: interest_calculation

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.

Business Banking Financial Markets Legal Economy BNZ Financial Markets Authority FMA Financial Markets Conduct Act Non-profit accounts Interest calculation Enforceable 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.

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