{"id":130890,"date":"2025-11-12T07:03:10","date_gmt":"2025-11-12T07:03:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/130890\/"},"modified":"2025-11-12T07:03:10","modified_gmt":"2025-11-12T07:03:10","slug":"asb-faces-new-commerce-commission-court-action-over-lending-law-breaches","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/130890\/","title":{"rendered":"ASB faces new Commerce Commission court action over lending law breaches"},"content":{"rendered":"<p class=\"UYVxLGUpqoLIsFLR\" style=\"display:none\">Borrowers brought a class action lawsuit against ASB because of this and they settled for more than $135m in October this year. <\/p>\n<p class=\"UYVxLGUpqoLIsFLR\" style=\"display:none\">The bank also faced legal action from the Financial Markets Authority (FMA) for allegedly failing to apply multi-policy discounts  to some customers who bought insurance from them. <\/p>\n<p class=\"UYVxLGUpqoLIsFLR\" style=\"display:none\">ASB apologised and acknowledged mistakes alongside making refunds to some customers, but the case continues in the High Court. <\/p>\n<p class=\"UYVxLGUpqoLIsFLR\" style=\"display:none\">Insurer IAG, which provides home insurance sold through the bank, was fined almost $20m at the High Court in October for overcharging customers and making mistakes in calculating government levies. <\/p>\n<p class=\"UYVxLGUpqoLIsFLR\" style=\"display:none\">ASB is also being investigated by the commission for self-reported financial breaches of lending laws. <\/p>\n","protected":false},"excerpt":{"rendered":"Borrowers brought a class action lawsuit against ASB because of this and they settled for more than $135m&hellip;\n","protected":false},"author":2,"featured_media":130891,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[432,9092,1554,25286,27252,138,7520,2371,1349,6119,18613,2959,8307,12472,11534,117,111,139,69,1523,34293,34748],"class_list":["post-130890","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-action","tag-against","tag-alleged","tag-asb","tag-breaches","tag-business","tag-commerce","tag-commission","tag-court","tag-faces","tag-file","tag-high","tag-law","tag-laws","tag-lending","tag-new","tag-new-zealand","tag-newzealand","tag-nz","tag-over","tag-preparing","tag-proceedings"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/130890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=130890"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/130890\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/130891"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=130890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=130890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=130890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}