ASB Bank Limited

The Commerce Commission has filed civil proceedings in the High Court against ASB Bank Limited seeking declaratory orders and pecuniary penalties in relation to breaches of the Lender Responsibility Principles under the Credit Contracts and Consumer Finance Act 2003. ASB has consented to the Commission seeking the orders following a settlement entered into by the parties in advance of filing.

ASB self-reported and has admitted that it failed to: conduct affordability and suitability assessments; have sufficient systems or processes in place to provide the required disclosure to customers; and to promptly detect and reimburse overpayments following borrowers entering into repayment arrangements.

The breaches occurred between 6 June 2015 and 29 July 2025.