PHOTO: ROBERT KITCHIN/STUFFBetween June 2015 and May 2016, ANZ had an issue with a loan calculator used by frontline staff, which meant some interest was left out when calculating their repayments or loan term.
The country’s biggest bank, ANZ, will pay customers a further $29.4 million after admitting a breach of its responsible lending obligations in 2015 and 2016.
Between June 2015 and May 2016, ANZ had an issue with a loan calculator used by frontline staff, which meant some interest was left out when calculating their repayments or loan term.
The Commerce Commission found the loan variation information affected more than 100,000 customers and ANZ failed to take the necessary care required of a responsible lender. This settlement with the competition watchdog is the largest the commission has had with a single bank.
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