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September 2020

Common scams targeting bank customers

Bank partly responsible for international payments to fraudster

Harper began corresponding with a person online and this relationship had features of a romance scam…

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August 2020

Investing

Onus on trustee to reinvest funds when term deposits matured

Navin was a professional trustee for a family trust. The trust had $1 million in three term deposits…

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August 2020

Common scams targeting bank customers

Bank not liable for fraudulent payment

Ingrid received a call from someone purporting to be from her telecommunications provider. The calle…

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August 2020

Insurance policies

Bank sold borrower unsuitable insurance policy

Connor took out a personal loan of $50,000 with the bank to repay his credit card debt. The aim was …

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August 2020

Account mandates

Bank failed to get signatures before changing account ownership

Dianne was terminally ill with cancer. She told her personal banker that she wanted to change her so…

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July 2020

Insurance policies

Bank failed to give clear warning about risks of letting policy lapse

Tipene had a life insurance policy with his bank for more than 15 years. In 2017, he was diagnosed w…

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July 2020

Common scams targeting bank customers

Bank acted quickly but unable to recover payments to fraudster

A fraudster intercepted emails between Russell and his accountant. Impersonating Russell by email, t…

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June 2020

Concerns about lending decisions

Loan was affordable based on information bank held

Zahir took out a $17,000 bank loan to buy a car. The loan was arranged by a loan broker introduced t…

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June 2020

Insurance policies

Non-disclosure justifiable grounds to decline insurance claim

Eamon suffered serious injuries in an accident and was deemed unable to return to work. Life insuran…

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Case notes

Bank partly responsible for international payments to fraudster

Onus on trustee to reinvest funds when term deposits matured

Bank not liable for fraudulent payment

Bank sold borrower unsuitable insurance policy

Bank failed to get signatures before changing account ownership

Bank failed to give clear warning about risks of letting policy lapse

Bank acted quickly but unable to recover payments to fraudster

Loan was affordable based on information bank held

Non-disclosure justifiable grounds to decline insurance claim