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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 … View moreDuring 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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Two university students returning to study in Auckland after the summer break claim they were "duped…
Across the months of May and June, we have been asking Aucklanders to create a Pest-Free haven in their backyard through placing traps, pulling weeds, and planting natives.
To help further support Aucklanders we ran a Q&A session with our Pest Free Auckland experts on Instagram and thought … View moreAcross the months of May and June, we have been asking Aucklanders to create a Pest-Free haven in their backyard through placing traps, pulling weeds, and planting natives.
To help further support Aucklanders we ran a Q&A session with our Pest Free Auckland experts on Instagram and thought we’d share a summary of the great questions and useful answers to get everyone started on their Pest Free Auckland journey.
Police investigating the death of Clifford Umuhuri, whose body was found in Auckland this week, have…
Firefighters are investigating after smoke was reported in the stairwell of an Auckland central buil…
Always wanted to try and bake your own bread?
Sourdough is a bread raised by aerobic yeast (yeasts in the atmosphere) that are captured in a mixture of flour and water and fed regularly to keep them alive. There are many different ways to make a sourdough starter — some people insist on using … View moreAlways wanted to try and bake your own bread?
Sourdough is a bread raised by aerobic yeast (yeasts in the atmosphere) that are captured in a mixture of flour and water and fed regularly to keep them alive. There are many different ways to make a sourdough starter — some people insist on using mineral water to feed the starter, others use water from boiled potatoes to get the starter going. It’s very effective to get a cup of someone else’s starter that you can then feed and grow yourself. Other people have sourdough starters that have been handed down through generations, but there’s no need for all that fuss: it’s incredibly easy to make your own.
Read the full recipe and method in the link below!
People are diagnosed with cancer everyday in New Zealand, but what about during the coronavirus lockdown? We're keen to talk to someone whose diagnostic appointments were put on hold during alert level 4, and how this has affected you. If you are willing to share your story, and be identified,… View morePeople are diagnosed with cancer everyday in New Zealand, but what about during the coronavirus lockdown? We're keen to talk to someone whose diagnostic appointments were put on hold during alert level 4, and how this has affected you. If you are willing to share your story, and be identified, please email kelly.dennett@stuff.co.nz.
The mother of a man who died from a side effect clozapine is pleading medical professionals to be mo…
A man is in hospital with serious injuries after being stabbed in central Auckland. Detective Senio…
Update a boring old plant pot with an on-trend terrazzo paint effect!
Make the most of this weekend with this easy project idea from Resene. Find out how to create this quick and easy project yourself
It was a chance encounter, but Louie can't stop thinking about the woman he met at Countdown last Mo…
We are sad to announce that Palmers Westgate will be closing its doors on June 10th. We would like to thank all our loyal customers for your support over the years.
We have really enjoyed serving West Auckland with great gardening products and expert advice.
Our closing down sale is now … View moreWe are sad to announce that Palmers Westgate will be closing its doors on June 10th. We would like to thank all our loyal customers for your support over the years.
We have really enjoyed serving West Auckland with great gardening products and expert advice.
Our closing down sale is now underway with loads of amazing deals in store including at least 50% off storewide. So come in store and fill your trolley with these unmissable deals!
We would love to see you before we close.
The team at Palmers Westgate.
Does anyone have any chokos they want to get rid of? I am happy to pay 50cents per choko. I can collect. Am looking for a small amount, maybe up to ten. You can text me on 0274141341. Thanks.
Former gossip columnist Pebbles Hooper has been charged with breaching suppression orders and says s…
Have a cat who brings vermin into the house which escape and hide in our ovens. Needless to say Insurance does not cover "Vermin" for some reason. So I have one Eurotech electric oven with a gas cook top waiting for some one in need. Its 3 years old and will be a challenging jig-saw if… View moreHave a cat who brings vermin into the house which escape and hide in our ovens. Needless to say Insurance does not cover "Vermin" for some reason. So I have one Eurotech electric oven with a gas cook top waiting for some one in need. Its 3 years old and will be a challenging jig-saw if you want the whole thing. The gas top, door, Stainless Steel panels etc are fine. Steam Clean and new insulation may fix the body. The whole has been under wraps through the Covid saga there so no worries there. There could be a free cat involved in this deal as well.
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