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TSB Bank controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2024

    Penalty for unreasonable credit and default fees

    The Commerce Commission fined TSB nearly NZ$2.5 million after determining that customers had been overcharged approximately NZ$3.6 million through unreasonable credit and default fees between 2015 and 2021. TSB attributed the problem to system failures and said it compensated affected customers.

    Source

  2. 2021

    TSB Bank fined for AML/CFT breaches

    Fine or penalty

    TSB Bank was fined $3.5 million for breaches of New Zealand's Anti-Money Laundering and Countering Financing of Terrorism Act 2009. The case was brought against TSB in the High Court at Wellington by the Reserve Bank.

    Source excerpt

    • The case had been brought against TSB in the High Court at Wellington by the Reserve Bank, supported by an agreed statement of facts and joint submission on
    • TSB Bank has been fined $3.5 million for breaches of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT).
    Source