5 Mar 2021
FINANCIAL MARKETS AUTHORITY v ANZ BANK NEW ZEALAND LIMITED [2021] NZHC 399
- Citation
- (2021) 16 TCLR28
- Court
- High Court
ANZ contravened s22(d) and/or (h) by issuing statements that charged for duplicate CCRI policies and contravened s22(a) and/or (h) by issuing statements charging ineligible CCRI customers; having adopted a starting point of NZD 400,000 to reflect culpability and deterrence and allowed a 30% discount for remediation and cooperation, the appropriate pecuniary penalty is NZD 280,000, and declarations and an order that the penalty be applied first to the FMA's costs are made.