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$280000 award sought after ANZ admits misleading customers over credit card insurance – Stuff.co.nz
New Zealand’s biggest bank admits it misled some customers over its credit card insurance.
ANZ has admitted to misleading customers about its credit card repayment insurance.
The bank admitted breaching the Financial Markets Conduct Act when it sold the insurance to certain bank customers, the Financial Markets Authority said.
The FMA was seeking a penalty of $280,000 against the bank.
A hearing to determine the penalty was held on Friday at the High Court at Auckland, but an award had not yet been made, the FMA said.
READ MORE:* Financial Markets Authority files court proceedings…
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