BNZ warned over responsible lending failings
The Commission said BNZ "likely breached responsible lending and disclosure obligations under the Credit Contracts and Consumer Finance Act 2003.
It comes after BNZ reported 15 potential breaches of the act to the Commission.
The breaches relate to home loans, personal loans, credit cards, and overdrafts spanning June 2015 to February 2017. A total of 11,956 customers were affected.
Commission chair Anna Rawlings said BNZ "provided incomplete or inaccurate disclosure, and in other cases disclosure was provided a day, a few days, or as many as seven months after the information should have been provided to borrowers".
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