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ANZ National subsidiary fined over ads

Monday July 21, 06:30 PM

A subsidiary of the ANZ National Bank has been fined for running misleading ads on television.

ANZ Investment Services New Zealand has been fined $80,000 plus costs after pleading guilty to running the ads about Bonus Bonds.

The campaign during November and December 2006 implied that the winner would receive $1 million and a holiday home, when they were actually going into a second draw for a chance at winning those prizes.

Spokesman Adrian Sparrow says many consumers are influenced in their purchasing decisions by promotions and competitions, and consumers may have chosen to invest money in Bonus Bonds rather than other options, based on the possibility of winning a substantial prize.

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