IAG hit with largest-ever penalty for fair dealing breaches by High Court

IAG NZ chief Amanda Whiting assumed the role in July 2021. (Image: Supplied)

Mon, 06 Oct 2025

Insurance Australia Group's New Zealand unit has been ordered to pay a record penalty after admitting breaches of the Financial Markets Conduct Act.The Financial Markets Authority (FMA) said on Monday that Insurance Australia Group (IAG) had admitted to breaches that affected about 269,000 customers and that the High Court in Auckland had imposed a pecuniary penalty of $19.5m.The High Court ruling follows an investigation by the FMA, which found IAG made false or misleading representations about its insurance products and failed to apply di...

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