June 4, 2020 / 9:31 PM / a month ago

BRIEF-Financial Markets Authority Says Filed High Court Proceedings Against ANZ Bank New Zealand

June 5 (Reuters) - Financial Markets Authority :

* HAS FILED HIGH COURT PROCEEDINGS AGAINST ANZ BANK NEW ZEALAND

* PROCEEDINGS ALLEGE ANZ CHARGED SOME CUSTOMERS FOR CREDIT CARD REPAYMENT INSURANCE POLICIES THAT OFFERED THEM NO COVER

* REGULATOR SEEKS DECLARATIONS OF CONTRAVENTION OF FINANCIAL MARKETS CONDUCT ACT, PECUNIARY PENALTIES & COSTS FROM ANZ

* CLAIMS ANZ CONTRAVENED SECTION 22 OF FINANCIAL MARKETS CONDUCT ACT BY MAKING FALSE & MISLEADING REPRESENTATIONS ABOUT COVER OF POLICIES

* "CASE POINTS TO A FAILURE OF INTERNAL SYSTEMS AND CONTROLS RESULTING IN CUSTOMER HARM OVER A SIGNIFICANT PERIOD OF TIME" Source text: [bit.ly/371LVtU] Further company coverage:

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