The Government is moving to let two of the country’s most profitable banks off the hook for money owed to their customers.

“As Kiwis continue to feel the squeeze of the high cost of living, this Government is choosing to deny tens of thousands of New Zealanders who may be owed money the right to make a claim in court,” Labour commerce and consumer affairs spokesperson Arena Williams said.

“ANZ and ASB, two of the most profitable banks in New Zealand, broke disclosure laws designed to protect mortgage holders. Tens of thousands of New Zealanders may be owed thousands of dollars in interest and fees that were wrongly charged.

“Instead of helping people get their claims dealt with, National is pushing through law changes so that the penalties banks owe are softened and will be backdated.

“Their choice to change the law on behalf of banks and at the expense of Kiwis is outrageous. True to character, Christopher Luxon fails to see how every dollar helps families pay for their rents, rates, or groceries.

“This is what being out of touch looks like. This is a government that finds time to help billion-dollar banks dodge accountability, but no time to help the people they may have overcharged.

“Next time you hear a National Minister talking tough on supermarkets or energy companies, remember that the real decisions don’t happen in front of the cameras, they happen in Cabinet, quietly,” Arena Williams said.

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