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ASB to pay $8.1m to customers for responsible lending failures after ComCom investigation and settlement – New Zealand Herald

Some 73,000 affected customers will be compensated either $68 or $135.

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Thousands of ASB customers will be compensated for responsible lending failures. Photo / FileASB is repaying $8.1 million to customers after admitting lending failures in a settlement with New Zealand’s consumer watchdog.
The bank reached the deal with the Commerce Commission, following an investigation, accepting it failed to ensure its systems and processes were sufficient so required information was disclosed to more than 73,000 home and personal loan customers.
According to the settlement, seen…

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