Commerce Commission investigates BNZ
The Commerce Commission has launched an investigation into BNZ over the bank's compliance with the Credit Contracts and Consumer Finance Act.
Monday, May 27th 2019, 4:55PM
BNZ announced the news in a disclosure statement today. The investigation, relating to disclosure requirements under the Act, comes after the bank paid out $3.8 million to customers last year, after they were sent incorrect or outdated information relating to fees and interest.
In December, the bank disclosed that some customers may not have received important statements on time, while some documentation was missing, or had incomplete information.
Some customers were not told how much they had paid off from their loans and credit cards, while some new credit cards were set up using outdated information. At the time, BNZ CEO Angie Mentis apologised, and said the issue affected "less than 1%" of its customers.
BNZ said it has been reviewing its compliance with CCFA since 2015, "with a particular focus on disclosure requirements". Yet the Commerce Commission has launched a formal investigation.
In its disclosure statement, BNZ promised to "fully comply with the Commerce Commission's request for the bank to supply additional information to support its investigation". The bank added: "The potential outcome of the investigation remains uncertain."
BNZ says it notified the Commerce Commission voluntarily.
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