WELLINGTON (Reuters) – New Zealand’s Commerce Commission said on Wednesday that it has issued a warning to HSBC Holdings Plc (HSBA.L) 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

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Why Cuba Isn’t Getting Much from Russia or China

In November 2018, Cuba’s President Miguel Diaz-Canel ventured to Moscow, where Russian president Vladimir Putin warmly greeted him. In many respects, Diaz-Canel’s visit had an echo of the Cold War days, when Fidel Castro was a welcome guest of Kremlin…

Starbucks forecasts over $2 billion drop in quarterly income as COVID-19 hits

(Reuters) – Starbucks Corp (SBUX.O) said on Wednesday it expects current-quarter operating income to plunge by up to $2.2 billion, and sales to decline for the rest of the year even as nearly all its cafes have reopened following easing…

Jeff Bezos is opening his first preschool

New York (CNN Business)Jeff Bezos is opening the doors of his first preschool, the Bezos Academy. The Amazon (AMZN) CEO announced the details in an Instagram post on Tuesday: It’s the first location of a network of tuition-free preschools serving…

China to launch online shopping festival to boost consumption

BEIJING — China will launch an online shopping festival to prop up consumption after its economic growth contracted 6.8 percent year-on-year in the first quarter. The festival, the second of its kind, marks the latest step taken by the world’s…