11 Oct 2023
FINANCIAL MARKETS AUTHORITY v KIWIBANK LIMITED [2023] NZHC 2856
- Citation
- [2023] NZHC 2856
- Court
- High Court
Kiwibank contravened s 22(f) and/or (h) of the Financial Markets Conduct Act 2013 by issuing misleading account statements in relation to home loan fees, set-up fees and everyday account fees; the realistic maximum for the conduct is $5 million, the appropriate starting point is $1,250,000, and applying a 35% total discount for self-reporting, cooperation and early admission with full remediation produces a final pecuniary penalty of $812,500 which the Court imposed; s 506 is to be interpreted narrowly and does not aggregate multiple breaches of the same provision into a single maximum across…