ANZ was fined $280,000 this month for selling customers credit card repayment insurance they were too old to claim on, and charging others for duplicate policies. Credit card repayment insurance was designed to make repayments if someone fell ill or lost their job. But it has been identified by regulators in New Zealand and Australia as a poor value product for customers. ANZ, Westpac, BNZ and ASB confirmed they have stopped selling the product and Kiwibank will stop on April 1. “We can’t say more now as we are still going through this process.”Jessica Wilson, head of research at Consumer NZ, said her organisation would like to see a “wider investigation” into the banks.

Source: Stuff March 12, 2021 16:00 UTC