New Zealand state-owned bank and financial services provider Kiwibank has been fined $1.5million after pleading guilty to systemic and long-running breaches of the Fair Trading Act that led to 35,000 customers being overcharged a total amount of $6.8 million.
Eagle M.A.N Group Limited - trading as Eagle MAN - has been ordered to pay a pecuniary penalty of $200,000 in the Christchurch High Court for providing high-cost loans which breached multiple aspects of the Credit Contracts and Consumer Finance Act (CCCFA) in the New Zealand competition regulator The Commerce Commission’s first case enforcing rules applying to high-cost lenders.
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