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Banking Class Action

ANZ and ASB have an obligation to refund interest & fees to over 150,000 customers because they breached New Zealand consumer protection laws.  

The Banking Class Action holds ANZ & ASB accountable for failing to repay this money to customers which the Banks were not legally entitled to take under the Credit Contracts & Consumer Finance Act (CCCFA). 

ANZ and ASB charged their customers money when they weren’t entitled to take it. Clearly the Banks believe the consequences of breaking the law don’t apply to them because despite a legal requirement to repay it in full, they chose not to. Without this class action, banks will simply continue thinking they can break the law and get away with it."

- Anthony Simons, Banking Class Action Plaintiff  

Find out if you are eligibile to join the class action: 


A consumer class action on behalf of over 150,000 ANZ and ASB customers.

The Banking Class Action seeks full repayment of all the interest & fees paid by ANZ and ASB customers on their loans which they are not liable to pay and the Banks were not entitled to take under the CCCFA because the Banks failed to meet their disclosure obligations to their customers.

The purpose of the CCCFA is to protect the interests of individual customers when they borrow money. It is important consumer legislation that ensures lenders put the interests of their customers first. 

The CCCFA clearly states what the consequences are if a bank fails to meet their obligations. ANZ and ASB didn't provide proper disclosure information to customers as required by law, which means they are not legally entitled to charge the costs of borrowing including interest and fees.


The CCCFA also clearly states if a bank has taken money they are not entitled to, they must repay this. ANZ and ASB's failure to repay interest and fees is a further serious breach of the CCCFA.



"The purpose of this consumer law is to protect the interests of ordinary New Zealanders when they borrow money. ANZ and ASB are massively profitable, powerful banks and as customers we are completely dependent on them to act responsibly and comply with the law when they are dealing with our money."

- Anthony Simons

Banking Class Action Plaintiff  


If you are an ANZ or ASB customer, find out whether you are eligible to join:

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Track the progress of the case

The Banking Class Action was served on ANZ and ASB on 29 September 2021.


Due to the value of the claims, their commercial nature and the public and private importance of the issues raised, the proceeding has been endorsed as a Commercial Panel case and has been allocated to experienced commercial Judge, Justice Venning.


The Banking class action is being led by a team who are highly experienced in commercial litigation and have a deep understanding of the New Zealand legal and regulatory framework.


Under section 22 of the CCCFA:

If a creditor makes an agreed change to a loan that is a “consumer credit contract” (as defined in the Act) (Loan), it must ensure that it provides the borrower with disclosure of the full particulars of the change within prescribed time frames (Variation Disclosure).  

Section 99(1) provides that:

If disclosure is required under section 22, a creditor cannot enforce the relevant consumer credit contract before that disclosure is made (i.e. between the date on which Variation Disclosure was required to be provided and the date on which it is in fact provided).  

Section 99(1A) provides that:

Borrowers are not liable for interest and fees on a Loan in relation to any period during which the creditor is in breach of section 22 (i.e. between the date on which Variation Disclosure was required to be provided and the date on which it is in fact provided). 


Under section 48:

If a creditor receives interest and fees it is not entitled to by virtue of section 99, it must refund or credit those amounts to the borrower as soon as reasonably practicable. 

Is my ANZ or ASB loan a “consumer credit contract”?

Generally, an ANZ or ASB loan will be a consumer credit contract (and therefore a Loan) if:

  • The CCCFA applies to it (i.e. it was entered into after 1 April 2005, or it was entered into earlier, but the Bank elected to have the CCCFA apply.)

  • The borrower is a natural person (i.e. an individual and not a legal entity, like a company) and not a trustee of a family trust;

  • The loan is intended to be used wholly or predominantly for personal, domestic or household purposes; and  

  • One or more of the following applies:

    • Interest charges are or may be payable;

    • Credit fees are or may be payable; and/or

    • A security interest is or may be taken.



If you are an eligible ANZ or ASB loan customer and would like to join the Banking Class Action click here:

As a first step, the plaintiffs have applied to the Court for orders that the Banking Class Action proceed on an “opt-out” basis.  If the orders are granted, all ASB and ANZ customers who have the same interest in the proceeding as the named plaintiffs will be represented in the Action, unless they proactively elect not to be.   At this stage, we are asking all eligible ANZ and ASB customers to register their interest in participating in the Action .