WELLINGTON, March 10 (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 totalling about
NZ$7,000 ($4,447), it said.
($1 = 1.5741 New Zealand dollars)
(Reporting by Praveen Menon; Editing by Lisa Shumaker)