ASB Admits Responsible Lending Failures And Agrees To Pay Customers $8.1m Following A Commission Investigation

Tuesday, 4 May 2021, 3:12 pm
ASB Bank Limited (ASB) has entered into a settlement
with the Commerce Commission after admitting it failed to
ensure its systems and processes were sufficient to ensure
that required information was given to more than 73,000 home
and personal loan customers who made certain changes to
their loans.
It has agreed to repay $8.1 million to
customers who may have been affected by breach of its lender
responsibilities under the Credit Contracts and Consumer
Finance Act (CCCF Act).
The self-reported error
occurred when the bank’s standard operating procedure was
not consistently followed for customers making changes to
the relevant repayment date, amount and frequency of their

Related Keywords

,Anna Rawlings ,Citizen Community ,A Commission Investigationtuesday ,Foundation For Public Interest Journalism ,Commerce Commission ,Commerce Commission On Infopages ,Bank Limited ,Commission Investigationtuesday ,Consumer Finance Act ,Commission Chair Anna ,Consumer Finance ,Scoop Citizen Community ,In Depth Engaged Journalism ,Scoop Foundation ,Public Interest Journalism ,Business ,Employers ,Inance ,Legal Issues ,Scoop ,அண்ணா ராலிஂக்ஸ் ,குடிமகன் சமூக ,அடித்தளம் க்கு பொது ஆர்வம் பத்திரிகை ,வர்த்தகம் தரகு ,வங்கி வரையறுக்கப்பட்டவை ,நுகர்வோர் நிதி நாடகம் ,தரகு நாற்காலி அண்ணா ,நுகர்வோர் நிதி ,ஸ்கூப் குடிமகன் சமூக ,இல் ஆழம் நிச்சயதார்த்தம் பத்திரிகை ,ஸ்கூப் அடித்தளம் ,பொது ஆர்வம் பத்திரிகை ,கூட்டுறவு ,