ComCom’s new list of lenders under investigation includes ASB and ANZ
Friday, 29 August 2025
The Commerce Commission has published a list of lenders it is investigating complaints against, including both ASB and ANZ; a dozen smaller, second-tier lenders, and several whose names have been withheld without explanation.
ASB and ANZ appear on the Commerce Commission’s list of open investigations in relation to self-reported potential breaches of the Credit Contracts and Consumer Finance Act 2003.
At present, a proposed law to make retrospective changes to lending laws would be likely to reduce the penalties they’d face if they lose a class action over these historic lending law breaches.
Part of the argument for the Government’s proposed retrospective law changes has been a much-criticised estimate from the Reserve Bank Te Pūtea Matua that indicated there may be more unresolved lending law breaches than have yet been made public in the banking sector.
The commission’s investigations into the two banks were begun in August 2023, the commission’s case register shows.
An ANZ spokesperson said: “From time to time, like other banks, we self-report matters to the Commerce Commission that fall within the areas that they regulate. They've let us know they're looking into some of those matters which is reflected in their case register.”
An ASB spokesperson said: “This relates to three matters which the Commerce Commission is investigating. We’re thoroughly investigating these matters including which customers may have been impacted. If we have made errors we will reach out to affected customers directly and put things right for them.”
There are two investigations on the list with the name of the lender withheld.
In Australia, Latitude Finance, which is the lending partner for Australian retailer Harvey Norman, lost a court fight last year for misrepresentations made to shoppers.
The Post approached Latitude, which confirmed there was no commission investigation into Latitude’s business with Harvey Norman in New Zealand. But it would not comment on whether it was one of the two unnamed lenders that was subject to an open investigation by the commission.
The commission stresses that investigations do not always end with findings of wrongdoing by the companies it investigates.
The publication of the list of open investigations was part of a drive to improve the consistency and transparency of its investigation work, the commission said.
“The case register will include some information about all our active investigations. The amount of information we will publish will depend on the nature of each case and what stage of investigation it is at,” a spokesperson said.
But, it said: “An open investigation does not imply that the Commission will ultimately decide to bring enforcement proceedings. The existence of an investigation does not mean that there has been a breach of the laws we enforce, as only a court can make that determination.”
The commission was criticised for not being open enough about investigations, by financial mentors who have gathered evidence against lenders they believe are breaking the law.
They became frustrated that action against an Australian lender called Go Car Finance, which has now pulled out of the New Zealand market, appeared to have stalled.
Go Car Finance is on the list of open investigations, and the commission has now filed civil proceedings at the High Court.
Go Car Finance had faced scrutiny for installing ‘immobilisers’ in cars so it could stop them working, if borrowers missed repayments.
In a briefing to media on Thursday, commission chair John Small thanked mentors for gathering information for its investigators to follow up.
Nelson Building Society was being investigated for potential responsible lending and disclosure breaches. Earlier this year it publicly apologised for its part in an exploitative migrant loan scheme, refunding the borrowers, and wiping the rest of their loans.
ASB and ANZ are not the only banks on the commission’s list. TSB Bank, which was fined $2.47 million at the High Court in Auckland last year for recklessly charging unreasonably high loan and default fees, is also being investigated for self-reported potential lending law breaches
Many of the lenders being investigated are not household names, but operate in niche markets like motor vehicle finance, and higher interest loans to lower-income people, including loans targeting distinct ethnic groups.
They include Second Chance Finance, Kiwi Auto Finance, Aotea Finance, Crester Finance, Oxford Finance, Zak Finance, Trading Place, and Real Finance.
The commission has filed criminal charges against Nane Loans, which it alleges illegally made loans to members of the Tongan community in South Auckland from March 2024 with interest rates of up to 15% a week.