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Commission releases draft report on competition in retail grocery sector

Commission releases draft report on competition in retail grocery sector
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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 ....

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