Vero ordered to pay $3.9m penalty

Thu, 12 Oct 2023

Vero Insurance New Zealand has been ordered to pay a penalty of $3.9 million - the largest for a case of this kind - for failing to apply multi-policy discounts to customers.In June, Vero admitted it had breached the fair dealing provisions of the Financial Markets Conduct Act (FMC Act) by overcharging 42,000 customers a total of $9.9m in premiums over an eight-year period. At this week’s penalty hearing, Justice Geoffrey Venning declared Vero breached section 22 of the FMC Act and imposed a pecuniary penalty with a starting point of...

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