Regulatory Alerts2026-06-17
Added · Updated
BNZ admits misleading conduct and pays $2.6 million
The Financial Markets Authority (FMA) announced that Bank of New Zealand (BNZ) admitted to breaching fair dealing rules by misleading customers on interest calculations for non-profit accounts between December 2014 and February 2024. BNZ agreed to pay $2.6 million to the Crown through an enforceable undertaking after self-reporting the issue, which affected 23,103 customers and resulted in approximately $5.39 million in underpaid interest. The regulator acknowledged BNZ's cooperation and remediation efforts, including payments to affected customers and updates to terms and conditions, while emphasizing the importance of accurate product representations under the Conduct of Financial Institutions regime.
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