FMA mum on Tower investigation

CEO Blair Turnball says Tower is redesigning and simplifying its multi-policy offering. (Image: Tower)

Tue, 14 Nov 2023

The Financial Markets Authority has confirmed it’s investigating Tower, but isn’t giving away any more details after the listed insurer added another $5 million to its customer remediation bill. Tower today raised the expected cost of refunding 65,000 customers who didn’t receive their correct multi-policy discount to $11.2m from a previous estimate of $6.2m, which was an increase on the $2.6m provided for in its September accounts. It initially expected to book a provision of roughly $3m for customer remediation whe...

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