FMA files proceedings against AA Insurance

FMA files proceedings against AA Insurance
The FMA's Margot Gatland says the case was one of several caused by system errors and process failures. (Image: FMA)
Staff reporters
The Financial Markets Authority is going after AA Insurance for failing to apply multi-policy discounts and overcharging customers over several years, resulting in $11.12 million in overcharges.The Financial Markets Authority (FMA) has filed high court proceedings alleging the insurer breached section 22 of the Financial Markets Conduct Act by misleading customers about its multi-policy discount offer in marketing material between 2015 and 2020. The marketing material said existing policyholders who added another policy would receive the m...

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