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)

Thu, 08 Jun 2023

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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