The Co-operative Bank Limited

The Commission has filed civil proceedings in the High Court against The Co-operative Bank Limited seeking declaratory orders and pecuniary penalties in relation to breaches of the lender responsibility principles and unreasonable fee provisions in the Credit Contacts and Consumer Finance Act. The Commission and The Co-operative Bank Limited have reached an agreed settlement to resolve the proceedings. The Co-operative Bank has admitted that it failed to have adequate processes in place to ensure it complied with the fee provisions in the Act; and provided for credit and default fees which were unreasonable.