ASK YOUR MATES TO CHANGE THE LAW.
It's what ANZ would do.
ASK YOUR MATES TO CHANGE THE LAW.
It's what ANZ would do.
We claim that Aussie owned bank, ANZ, broke the law.
Our view is the law is clear – if ANZ breached its disclosure obligations it must refund all interest and fees relating to the periods it was in breach. ANZ denies this, and lobbied hard for a retrospective law in their favour. It didn’t pass select committee’
Select Committee has recommended to Parliament not to pass the law change ANZ wants. Now we need to make sure Parliament don’t reinstate it!
What did ANZ do?
The Banking Class Action alleges that ANZ breached disclosure obligations intended to protect the interests of consumers when borrowing money between 2015-2016.
We say if ANZ committed the breaches as alleged, the law is clear that it is required to refund affected customers all the interest and fees they paid during the time periods ANZ was in breach.
ANZ is defending the claims and has not refunded all of the interest and fees claimed.
What has the Government being doing to potentially protect ANZ?
ANZ has been lobbying Parliament to amend the legislation the Banking Class Action relies on – the Credit Contracts and Consumer Finance Act (CCCFA) 2003.
They want Parliament to backdate the law to give the courts the express ability to reduce or extinguish any liability for refunds our class action is focused on.
We say Parliament shouldn’t intervene to protect ANZ at the expense of New Zealanders’ rights.
The Finance and Expenditure Select Committee has recommended to Parliament not to pass the law change ANZ wants.
Now we need to make sure Parliament don’t reinstate it!
The case presses on, demanding what we say is fair compensation and real accountability from ANZ.
We believe the integrity of our legal system is at stake.
There’s more at stake than the refunds we allege ANZ customers are owed.
Should the law ANZ lobbied be reinstated, it sets a dangerous precedent. It’s a sign that big corporates can seek to have the laws rewritten to suit themselves at the expense of everyday Kiwis.
This is more than a legal dispute. It’s a test of whether New Zealand stands by the rule of law or bends it for corporate giants.
We don’t want an Aussie-owned bank and their mega profits protected at the expense of everyday Kiwis.
What laws do we say ANZ broke?
We believe ANZ failed to comply with important disclosure obligations, in place to protect consumers when borrowing money between 2015-2016.
We believe ANZ committed serious breaches of its obligation to provide customers timely and accurate disclosure information about their loans. In March 2020, ANZ admitted to the Commerce Commission that between May 2015 and May 2016 it sent Loan Variation Letters to certain customers that contained incorrect information about their loans.
We say under the current law, if ANZ breached disclosure laws they were and are required to refund impacted customers all the interest and fees they paid during the period they were in breach.
ANZ denies the alleged breaches and have not refunded all the claimed interest and fees.