TSB Bank Limited

The High Court has made declaratory orders that TSB Bank Limited breached ss 9C(1) and 41 of the Credit Contracts and Consumer Finance Act 2003 by charging unreasonable credit and default fees in the period 6 June 2015 to 2 November 2021. The High Court also ordered the bank pay to the Crown a pecuniary penalty in the amount of $2.47 million. TSB consented to the Commission seeking the orders following a settlement between the parties prior to the proceedings being filed.