Update on Commerce Commission proceedings
Kiwibank today confirmed that it has pleaded guilty to breaches of the Fair Trading Act.
The breaches relate to work the bank has undertaken to proactively seek out, investigate and resolve historic issues where errors have been made. The issues arose when some systems and processes relating to credit products (home loans, credit cards and overdrafts) did not correctly deliver the promised benefits or pricing for some customers.
Kiwibank Chief Executive Steve Jurkovich said, “We proactively identified the issues, reported them to the Commerce Commission and have fully co-operated with their investigation, while at the same time carrying out a remediation programme for all affected customers.
“While I’m disappointed with the mistakes we made in the past, I’m proud of the way our team has now come together to fix the problems and make things right for our customers.”
Kiwibank and the Commerce Commission have agreed a summary of facts and are aligned in their views on the appropriate penalty. This will be determined by the Auckland District Court at a later date.
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