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ASB Bank Fined $2.1 Million for Misleading Customers

3/5/2026

26 6 Full Breakdown

Summary

Story summary

The Financial Markets Authority (FMA) fined ASB Bank $2.1 million for misleading more than 25,000 customers about insurance products and banking services.
In 2024, the FMA acted over breaches of fair-dealing regulations.
ASB Bank admitted to incorrectly applying multi-policy discounts and not providing fee exemptions for eligible customers.
ASB Bank self-reported the issue and refunded about $4.7 million to affected customers.

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Story summary

The Financial Markets Authority (FMA) fined ASB Bank $2.1 million for misleading more than 25,000 customers about insurance products and banking services.
In 2024, the FMA acted over breaches of fair-dealing regulations.
ASB Bank admitted to incorrectly applying multi-policy discounts and not providing fee exemptions for eligible customers.
ASB Bank self-reported the issue and refunded about $4.7 million to affected customers.