ANZ charged over 'false and misleading' credit card insurance policies impacting hundreds of customers
During April 2014 and November 2019, ANZ issued duplicate repayment insurance policies to customers that didn't provide any additional benefits or covers, and charged premiums on those policies, the FMA said today.
It's also alleged ANZ issued and didn't cancel policies for ineligible customers, also charging premiums on the policies. "ANZ sold a product that, for some customers, offered no benefit," FMA general counsel Nick Kynoch says. The FMA says the breaches range back to at least 2001, but the Financial Markets Conduct Act only came into effect from April 2014. The duplicate payment policy was identified around September 2017 and the ineligible customers issue around May 2018, the FMA says. But neither were disclosed to the FMA or Reserve Bank during a widespread review into the conduct and culture of New Zealand's retail banks in 2018. FMA says it was first notified by ANZ of the issues in June 2019. ANZ is being charged under the Act for making "false and misleading representations about the cover of the policies". "While ANZ has embarked on their own remediation programme, and ultimately self-reported this matter, the case points to a failure of internal systems and controls resulting in customer harm over a significant period of time," Mr Kynoch says. "In this instance, we felt it appropriate to put the matter before the courts." ANZ says it's already compensated customers around $440,000 in total, but admits there was a delay in reporting the issue to the FMA. Around 390 customers had duplicate policies and another 439 were ineligible to claim the insurance. The FMA's case relates to 307 customers. ANZ says it no longer offers the insurance. "We’re very sorry this happened," ANZ's Ben Kelleher said in a statement today. "We actively review our processes and systems to try and identify issues that could impact our customers. Where we find problems, we work to fix them for our customers." The FMA has filed the proceedings in the High Court and is seeking declarations of contravention of the Financial Markets Conduct Act, pecuniary penalties and costs.
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Once again, Resene and NZ Gardener are on the hunt for New Zealand’s best shed! Send in the photos and the stories behind your man caves, she sheds, clever upcycled spaces, potty potting sheds and colourful chicken coops. The Resene Shed of the Year 2026 winner receives $1000 Resene ColorShop voucher, a $908 large Vegepod Starter Pack and a one-year subscription to NZ Gardener. To enter, tell us in writing (no more than 500 words) why your garden shed is New Zealand’s best, and send up to five high-quality photos by email to mailbox@nzgardener.co.nz. Entries close February 23, 2026.
Denim, but make it one-of-a-kind 💙
Not every pair of jeans makes it to the rack... but that doesn’t mean their story ends there. Our talented volunteer Annie has been transforming damaged denim into handcrafted bags, hats and aprons in our Onehunga SPCA Op Shop ✂️🧵
This latest batch even features her own hand-sewn designs, and customers have been loving them, they sell almost as soon as they hit the shelf!
It’s creativity, sustainability and community all stitched together, helping animals in need 🐾
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Step by step for a great cause!
Our amazing Hillary Hikers from Edmund Hillary Village showed their support for Bowel Cancer New Zealand's Move Your Butt campaign this month!
Sporting the bright purple and orange campaign shirts, these wonderful walkers hit the Auckland waterfront and marched from Mission Bay to Kohimarama, raising awareness for bowel cancer and the importance of early detection along the way.
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