The FMA has filed High Court proceedings against ANZ New Zealand, alleging that it charged customers for insurance policies that they were ineligible for, and which offered no cover.
The FMA alleges that ANZ sold duplicate credit card repayment insurance (CCRI) policies with no additional cover or benefits to some customers, and failed to cancel CCRI policies for ineligible customers between April 2014 and November 2018. However, it also says these failures have been an issue since as far back as 2001, with the FMA’s proceedings reflecting the introduction of the Financial Markets Conduct Act 2013.
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