So why would you go to a bank to organise your house insurance?
Trading banks have been dicking around clipping the ticket on gullible clients' insurance business for years. They tried it with personal superannuation and failed. Who remembers ASB's massive advertising campaign claiming their staff were paid salaries therefore somehow clients would be better off? Trouble was their clients just couldn't seem ever to see any profits in their accounts and after three or four years ASB gave the game away.
This sorry story of ANZ incompetence demonstrates the need to have a specialist broker look after your house insurance. It is not something which you can glibly 'clip on' to the loan transaction.
Johnson said ANZ had organised their house insurance through Tower.
He said ANZ had asked the house's size, but when the couple said they did not know, the bank said it would find out for them.
Only 120sqm were recorded on the policy. It was not until a friend visited after the earthquake that they realised the house was much bigger.
In Adolf's view, on the face of information thus far available, the ANZ should be liable. It has given professional advice in an area for which it has no expertise and which is outside its competence.