FMA Files Charges Against ANZ

  • Jun 05, 2020 NZST
  • Team Kalkine
FMA Files Charges Against ANZ

High Court proceedings have been filed against the ANZ Bank New Zealand by the FMA (Financial Markets Authority) claiming that the bank billed few consumers for CCRI (Credit Card Repayment Insurance) policies that provided those consumers no cover.

The FMA trials have 2 causes of action.

  • Firstly, that the bank issued replicate CCRI policies to few customers, which offered no additional cover or benefits, and charged premiums on those policies, during the period from April 2014 to November 2019;
  • Secondly, the bank also issued and failed to terminate CCRI policies for disqualified customers and also charged premiums on those policies, during the time period of 1 April 2014 to May 2018.

 


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