ANZ bank has been fined $280,000, which Justice Matthew Muir hoped would encourage other large corporates to invest in systems to identify when they wrong customers. READ MORE:* $280,000 award sought after ANZ admits misleading customers over credit card insurance* Financial Markets Authority files court proceedings against ANZ* Son doesn't want contact with his 'uncool, eccentric' fatherIn all, 307 ANZ customers were affected, with 300 having now had full refunds. “Consumers cannot be ‘confident’ in their participation if they are required to doublecheck the precise details of every transaction with their bank,” Muir said. ANZ stopped selling credit card repayment insurance in 2019. Westpac stopped selling credit card repayment insurance at the same time as ANZ.

Source: Stuff March 05, 2021 06:45 UTC