Aotea Finance Welcomes Resolution With Commerce Commission

Aotea Finance Limited, and its related companies, have welcomed a settlement with the Commerce Commission in relation to the disclosure statements it has previously provided to customers.

The agreement with the Commission arises from a technical issue with Aotea’s disclosure statements for a 7 month period from June 2015. Aotea took legal advice on the form of those contracts, but that advice was incorrect, resulting in technical deficiencies in the form of the statements.

Aotea does not believe any of its customers were prejudiced in any way and no complaint was made to the Commission by any Aotea customer.

‘While this situation was not of our own making, Aotea has agreed to remediate affected customers in order to deliver on our commitment to treat our customers with dignity and respect. We sought advice on what was required in our disclosure statements. Unfortunately that advice was wrong. We have now put it right and have taken steps to ensure it doesn’t happen again.’ Aotea Finance Limited Director Terry Cooke said today.

Aotea Finance will be contacting affected customers in the near future.

As this matter is the subject of an agreement with the Commission, Aotea will not be making any further comment.

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