ANZ admits to breaching FMA act for misleading credit card charges

The country's biggest retail bank has admitted to charging hundreds of credit card customers for a product they didn't need, after being taken to court by New Zealand's financial regulator. 

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ANZ has apologised to customers to charging them for the product they were ineligible for. Source: 1 NEWS

ANZ is accused of misleading some customers for claims surrounding the supply of credit card repayment insurance (CCRI), breaching the Financial Markets Conduct Act (FMCA). 

They've paid back $440,000 to the affected customers but the Financial Markets Authority says it's too little too late, having taking too long to alert customers. 

The FMA filed a case against the bank alleging it had charged customers for policies that offered no cover or benefit for the individual. 

It's the first civil proceeding brought by the financial authority under the act with a ruling from the Auckland High Court expected soon.