ANZ Bank has been ordered to pay a penalty of $280,000 for misleading some of its customers about credit card repayment insurance.
The bank admitted breaches of the Financial Markets Conduct Act after the Financial Markets Authority filed proceedings in June last year.
The Authority said ANZ issued duplicate policies to some customers which provided no additional benefits.
It also failed to cancel policies for ineligible customers, while continuing to charge them.
The penalty was in line with the Authority's recommendation to the court.
Source:
RNZ