Kiwibank faces criminal charges for systemic Fair Trading Act breaches – Interest 11 June 2024

Summarised by Centrist

The Commerce Commission has filed criminal charges against Kiwibank for systemic breaches of the Fair Trading Act, resulting in over $7 million in overcharges to more than 36,000 customers.

The alleged breaches, dating back to 2019, involve fees and interest rates on home loans, credit cards, and overdrafts. Kiwibank, which identified and reported the issues, is actively refunding affected customers and cooperating with the investigation.

Read more over at Interest.co.nz

_{Image: Gemma Lambert}