NZ Commerce Commission issues warning to HSBC over compliance failure

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March 9, 2020 6:50 PM EDT

FILE PHOTO: The HSBC headquarters is seen in the Canary Wharf financial district in east London, Britain February 15, 2016. REUTERS/Hannah McKay/File Photo

WELLINGTON (Reuters) - New Zealand's Commerce Commission said on Wednesday that it has issued a warning to HSBC Holdings Plc over its failure to comply with the information disclosure requirements.

HSBC self-reported the matter to the Commission following a routine audit of its business in New Zealand.

HSBC identified six occasions between 2014 and 2018 when it failed to disclose an interest rate increase to borrowers, the commission said in a statement.

The failures affected 225 loans and 180 borrowers. The bank provided compensation to affected borrowers totaling about NZ$7,000 ($4,447), it said.

(Reporting by Praveen Menon; Editing by Lisa Shumaker)


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