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October 2011

Direct debits /

Cancellation instructions neither clear nor cause of any loss

HW Ltd had six insurance policies, with premiums for each paid by direct debit from separate account…

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October 2011

Transferring credit card debts /

Transfer misunderstanding led to heated words, eventual settlement

Ali had seen some advertising offering an attractive interest rate for any credit card balance trans…

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October 2011

Guaranteeing someone's debt /

Paperwork showed couple understood guarantor obligations

Logan and his wife Kiri, both signed a guarantee for lending to a trust of which Kiri was a trustee.…

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September 2011

Guaranteeing someone's debt /

Former director still liable for company's debt

Tony agreed to guarantee a loan taken out by a company, of which he was a director. He later resigne…

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August 2011

Telegraphic transfers /

Lost opportunity no grounds for compensation

Alex needed to send $US20,000 as quickly as possible to a business partner in London to make an inve…

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June 2011

Breaking a term deposit /

Failure to mention fee misleading

Tama deposited $400,000 with his bank for two years at 5.25 per cent. A year later, he went to the b…

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May 2011

Guaranteeing someone's debt /

Friends liable for undisclosed loan debt

Morgan and a group of friends formed a company to buy investment properties. The bank gave the compa…

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March 2011

Kiwisaver /

Customer could not opt out of scheme

Jamie went to his bank to open an account. While there, a bank officer discussed the bank’s KiwiSave…

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January 2011

Investing /

Advice led to portfolio imbalance

Kiri, who was in her 80s, met with one of her bank’s financial advisers to simplify her affairs. She…

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Case notes

Cancellation instructions neither clear nor cause of any loss

Transfer misunderstanding led to heated words, eventual settlement

Paperwork showed couple understood guarantor obligations

Former director still liable for company's debt

Lost opportunity no grounds for compensation

Failure to mention fee misleading

Friends liable for undisclosed loan debt

Customer could not opt out of scheme

Advice led to portfolio imbalance