Aotea Finance Limited, Aotea Finance (West Auckland) Limited, Aotea Finance (Manukau) Limited, Aotea Finance (Panmure) Limited (collectively Aotea Finance)
As part of the transfer of regulatory responsibility for consumer credit, this matter now sits with the Financial Markets Authority (FMA). For more information about credit, visit the FMA's websiteopen_in_new. Information on how to contact the FMA directly is available on the FMA contact pageopen_in_new.
The Commission has filed civil proceedings in the High Court against Aotea Finance alleging breaches of the Credit Contracts and Consumer Finance Act 2003, for failing to make reasonable inquiries before entering into repayment protection plans with borrowers to ensure the plan met their requirements and objectives, failing to assist borrowers to make an informed decision whether to enter the loans for the repayment protection plans, and failing to make or keep records of inquiries. The Commission is seeking declarations, pecuniary penalties and statutory damages for affected borrowers.