19 February 2026
Spencer Jones
[FYI request #31892 email]
Kia ora Spencer
Official Information Act request 25.031 – Part 2
Thank you again for your Official Information Act 1982 (the OIA) request of 4 August
2025 for the following information:
1. Any internal communications, memos, or advice related to:
•
The Loan Calculator Error remediation by ANZ (2018–2020);
•
Settlements reached with ANZ regarding disclosure breaches;
•
The scope, merit, or legal standing of the Banking Class Action.
2. Any commentary or submissions made to MBIE or the Minister about:
•
The Credit Contracts and Consumer Finance Amendment Bill (2025);
•
The appropriateness of retrospective legislative changes.
3. All correspondence between 2023 and 2025 with:
•
ANZ, ASB, MBIE, or NZBA regarding CCCFA enforcement or class action
implications.
These bullets were clarified by you as below on 26 August 2025:
For Question 1:
Please limit this to decision memos, briefings, or internal
updates provided to the Commission’s Consumer Division or Commissioners.
Timeframe: 1 January 2015 – 1 August 2025. Scope: Documents relating to (a) the
ANZ settlement regarding disclosure breaches, and (b) discussions on the
scope, merit, or legal standing of the Banking Class Action.
For Question 2:
Please confine this to formal submissions, briefings, or
commentary prepared by the Commission that reference or address
retrospective legislative changes to the CCCFA.
For Question 3:
Please narrow this to records of engagement specifically
addressing CCCFA enforcement matters linked to ANZ and/or the Banking Class
Action.
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On 16 September 2025, the Commission provided you with the first part of our
response.
We apologise for the time taken to provide this second final response.
Our response
Fourteen of the documents in scope of Questions 1 and 2 of your request are listed in
Appendix A. To ensure the documents themselves are visible on the fyi platform, you
will receive them as attachments across several emails.
Appendix A also lists our decision on the release of each document, including where we
have redacted information that is out of scope of your request as well as where we have
withheld information under the following section(s) of the OIA:
9(2)(a):
to protect the privacy of individuals.
9(2)(b)(ii):
to protect information where the making available of the
information would be likely unreasonably to prejudice the
commercial position of the person who supplied or who is the
subject of the information.
9(2)(ba)(i)
to protect information which is subject to an obligation of
confidence or which any person has been or could be compelled
to provide under the authority of any enactment, where the making
available of the information would be likely to prejudice the supply
of similar information, or information from the same source, and it
is in the public interest that such information should continue to
be supplied.
9(2)(g)(i)
to maintain the effective conduct of public affairs through the free
and frank expression of opinions by or between or to Ministers of
the Crown or members of an organisation or officers and
employees of any public service agency or organisation in the
course of their duty.
9(2)(h)
to maintain legal professional privilege.
In making these decisions to withhold information under section 9 of the OIA, we have
determined that the public interest does not outweigh the need to withhold the
information at this time.
Please note, we are also withholding several documents in full. These documents are
listed in
Appendix B.
In addition to the documents being released to you, we are also releasing two extracts
from papers to the then Consumer Division (CC.0013 and CC.0015) which are enclosed
as
Appendix C. Please note, the remainder of these documents has not been provided
as they contain information which is out of scope of your request.
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Finally, our response of 16 September 2025 advised that we required additional time to
consider whether we hold correspondence between the Commission and MBIE relating
to CCCFA enforcement matters and the banking class action (Question 3). We have
considered this further and can now confirm that we do not hold any such
correspondence.
Further information
We hope this response has been helpful.
If you have any questions about this response, please do not hesitate to contact us at
[Commerce Commission request email]. If you are unhappy with our response, you have the right to complain to the
Ombudsman. Information about how to do this is available at
www.ombudsman.parliament.nz.
As previously, we confirm that the Commission does not intend to publish this
response on its website as part of its proactive release process.
Ngā mihi nui
Adam McFerran
Senior Advisor | OIA & Information
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Appendix A
Ref
Document
Title
Decision on release
type
Documents responsive to Question 1 of your request
CC.0001
Internal
ANZ Bank New Zealand
Some information has
report
Limited - variation
been withheld under
disclosure error - update sections 9(2)(b)(ii),
9(2)(ba)(i) and 9(2)(h) of
the OIA
CC.0002
Internal
Enforcement report –
Some information has
report
ANZ Bank New Zealand
been withheld under
Limited (ANZ)
sections 9(2)(b)(ii),
9(2)(ba)(i) and 9(2)(h) of
the OIA
CC.0002.0001
Internal
Comparison of ANZ and
Some information has
report -
[redacted] variation
been redacted as out of
attachment
disclosure cases against scope of your request.
enforcement criteria
Additionally some
information has been
withheld under sections
9(2)(b)(ii), 9(2)(ba)(i) and
9(2)(h) of the OIA
CC.0006
Internal
ANZ Bank New Zealand
Some information has
report
Limited – update on
been withheld under
settlement offer received sections 9(2)(b)(ii),
9(2)(ba)(i) and 9(2)(h) of
the OIA
CC.0007
Internal
ANZ Bank New Zealand
Some information has
Report
Limited
been withheld under
sections 9(2)(b)(ii),
9(2)(ba)(i) and 9(2)(h) of
the OIA
CC.0009
Internal
Enforcement report - ANZ Some information has
Report
Bank New Zealand
been withheld under
Limited (ANZ)
sections 9(2)(b)(ii),
9(2)(ba)(i) and 9(2)(h) of
the OIA
Documents responsive to Question 2 of your request
CC.0021
Email
CCCF Amendment Bill -
A mobile phone number
Retrospective change -
has been withheld under
savings provision
section 9(2)(a) of the OIA
CC.0022
Email
Commerce Commission A mobile phone number
- Sections 17 & 22
has been withheld under
enforcement outcomes
section 9(2)(a) of the OIA
CC.0026
Email
RE: Draft RIS for review:
Some information has
backdating 2019 reforms been withheld under
to section 99(1A) of the
sections 9(2)(a) and 9(2)(h)
CCCFA
of the OIA
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Ref
Document
Title
Decision on release
type
CC.0027
Email
FW: Able to clarify?
Some information has
been withheld under
sections 9(2)(a) and
9(2)(b)(ii) of the OIA
CC.0028
Email
FW: For feedback by
A mobile phone number
12pm Thurs - Draft
has been withheld under
Cabinet paper on
section 9(2)(a) of the OIA
Financial Services
Reforms policy
decisions
CC.0029
Email
RE: Draft RIS for review:
Some information has
backdating 2019 reforms been withheld under
to section 99(1A) of the
sections 9(2)(a) and 9(2)(h)
CCCFA
of the OIA
CC.0030
Email
RE: Financial Services
Some information has
Reforms: draft RIS for
been withheld under
comment - proposal to
sections 9(2)(a) and
make discretion over the 9(2)(ba)(i) of the OIA
effect of section 99(1A)
retrospective
CC.0031
Email
RE: For comment: Draft
A mobile phone number
advice on historical
has been withheld under
problem with section
section 9(2)(a) of the OIA
99(1A) of the CCCFA
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Appendix B
Ref
Document type
Reasons for withholding in full
Documents responsive to Question 1 of your request
CC.0002.002
Letter
Sections 9(2)(b)(ii) and 9(2)(ba)(i) of the OIA
CC.0003
Summary
Sections 9(2)(b)(ii), 9(2)(ba)(i) and 9(2)(h) of the OIA
Document
N/A
Email
Section 9(2)(h) of the OIA
N/A
Email
Section 9(2)(h) of the OIA
N/A
Email
Section 9(2)(h) of the OIA
N/A
Memo
Section 9(2)(h) of the OIA
CC.0016
Draft Media Q&A
Section 9(2)(g)(i) of the OIA
CC.0017
Briefing paper
Relevant paragraphs withheld under section 9(2)(h)
of the OIA. The remainder of the document is out of
scope.
Documents responsive to Question 2 of your request
CC.0031.001
Briefing
Section 9(2)(g)(i) of the OIA
CC.0018
Draft Regulatory
Sections 9(2)(ba)(i) and 9(2)(g)(i) of the OIA
Impact Statement
CC.0019
Draft Regulatory
Sections 9(2)(ba)(i) and 9(2)(g)(i) of the OIA
Impact Statement
CC.0032.001
Internal analysis
Sections 9(2)(g)(i) and 9(2)(h) of the OIA
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Appendix C
Extract from CC.0013
Division Report
To: Consumer Division
From: Sarah Gifford - Assistant Investigator
Kathryn Webb - Senior Legal Counsel
Dot Benson - Principal Counsel, Consumer Credit
Date: 1 November 2017
Classification: In-Confidence - Internal use only
Subject: Enforcement report - [redacted]
Executive summary
3. This matter, together with the Commission's investigation into ANZ which is being
considered by the Division at the same time, are the first instances where the
Commission has had to consider the issue of defective variation disclosure under s22.
Our disclosure cases to date have all been regarding initial disclosure.
ANZ
71. We have a current investigation into ANZ's variation disclosure for personal loans and
home loans, where it made an error in calculating and disclosing certain items. ANZ is the
subject of a separate Division paper which was submitted at the same time as this paper
and was considered alongside [redacted] and others in the overarching penalties and
remedies “principles” paper.
Comparisons between ANZ and [redacted]
72. Comparing ANZ and [redacted], the former involves incorrect disclosure and the latter
[redacted]. Prima facie, ANZ’s disclosure [redacted] they receive an incorrect picture of
their loan, which they may rely on. Attached is a comparison of ANZ and [redacted]
variation disclosure cases against each other and against the Commission’s enforcement
criteria.
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Extract from CC.0015
Consumer Division Briefing Paper
From: Dot Benson - Principal Counsel - Credit
Date: 13 September 2017
Classification: Confidential and legally privileged
Subject: Section 99(1A) CCCFA approach - current cases and proposed pathway
Purpose
1. This paper:
1.1. summarises current CCCFA investigations that trigger section 99(1A) of the Credit
Contracts and Consumer Finance Act 2003 (CCCFA or the Act) and the current status
of those investigations
Current investigations - summary
37. We have several current unresolved investigations that involve potential breaches of
s17 and/or s22 of the CCCFA:
37.1.
[redacted];
37.2.
[redacted];
37.3.
[redacted];
37.4.
[redacted];
37.5.
ANZ Bank New Zealand Limited (self-report).
41. We note that it is possible that given the amounts involved in the ANZ and
[redacted] investigations our recommendations will focus on the public interest and an
overall assessment of reasonableness.
57. With [redacted] and ANZ we turn to [redacted] financial exposures due to variation
disclosure errors.
ANZ Limited
70. [redacted] ANZ self-reported on 28 June 2017 that it had discovered an issue with the
calculator that it used to populate its variation disclosure documents.
71. In summary, the calculator did not take into account any interest that had accrued
during the month in which the variation was made. Accordingly, information contained
in each disclosure document was incorrect. That information included:
71.1.
The total amount of payments under the loan;
71.2.
The total amount of interest payable under the loan; and in some cases
71.3.
The total number of payments to be made and/or the date of the final
payment.
72. This issue affected [redacted] customers across [redacted] loans between [redacted]
2015 and 28 May 2016. ANZ has fixed its calculator and has proposed a solution whereby
[redacted].
73. [redacted]
74. [redacted]
75. [redacted]
76. [redacted]
77. [redacted]
78. [redacted]
78.1.
[redacted]
78.2.
[redacted]
78.3.
[redacted]
78.4.
[redacted]
78.5.
ANZ has already remediated some customers who complained [redacted].
79. We are still working our way through the information that ANZ has provided us, to help
us understand the breaches and the proposal. Our initial view is that [redacted].
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