Kiwibank responds to FMA warning

Kiwibank acknowledges the warning issued by the Financial Markets Authority (FMA) regarding the incorrect application of age-based fee waivers on certain joint accounts.

We take this matter seriously and regret the error that led to some customers being overcharged. It was first brought to our attention by a customer and following an internal review we identified the broader issue and self-reported it to the FMA in August 2024.

The overcharging affected 8,663 customers, totalling $912,053.79. We have taken steps to fully reimburse impacted customers and have strengthened our internal policies, systems and controls to prevent this from happening again.

We acknowledge the FMA's findings and appreciate their recognition of our cooperation and proactive efforts to address this issue, including self-reporting it to the FMA and remediating impacted customers.

We remain committed to fair and transparent banking practices and will continue to improve our processes to ensure we meet the expectations of our customers and regulators.