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Hot Topic Hawke’s Bay
Hot Topic Hawke’s Bay
Law
1 mins to read

ASB sued by FMA over self-reported breach

Regulator files civil court action after bank overcharged customers $3.9m over eight years.

The FMA is seeking declarations, pecuniary penalties and costs.

NBR Staff Tue, 08 Oct 2024

The Financial Markets Authority has filed legal action against ASB Bank for overcharging insurance and banking customers $3.9 million between April 2014 and May 2022.

The excess charges were self-reported to the FMA by the bank in 2021 and all customers have been repaid, plus use-of-money

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NBR Staff Tue, 08 Oct 2024
Contact the Writer: editor@nbr.co.nz
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ASB sued by FMA over self-reported breach
Law,
106189
true