Insurer AIA ordered to pay $700k penalty

Insurer AIA ordered to pay $700k penalty
The FMA’s head of enforcement, Margot Gatland, says the regulator will "proactively" respond to these types of issues. (Photo: FMA)
Dan Brunskill
New Zealand’s largest life insurer, AIA, has been ordered by the high court at Auckland to pay a $700,000 penalty for making misleading representations to some customers.  The Financial Markets Authority (FMA) filed a case against the insurance firm in July last year alleging three breaches of the fair dealing provisions in the Financial Markets Conduct Act.AIA admitted the breaches, which were inadvertent and self-reported to the regulator after the recent conduct and culture review.The review resulted in the NZ insurance sector pay...

More Law & Regulation

Watson raises NZ citizenship to snuff insider trading charge
Law & Regulation

Watson raises NZ citizenship to snuff insider trading charge

Eric Watson fires another legal volley in his insider trading battle.

ASB's $35.5m mystery payout to customers
Markets

ASB's $35.5m mystery payout to customers

CBA reveals A$33m remediation provision for ASB customers ahead of A$10b expected result.

Garth Bray 06 Aug 2025
Christchurch Casino admits to AML breaches
Law & Regulation

Christchurch Casino admits to AML breaches

Christchurch Casino has admitted to a raft of anti-money laundering compliance failures and agreed to a proposed $5.06 million penalty.The Department of Internal Affairs (DIA) said on Friday that as part of the settlement, Christchurch Casino admitted all seven causes of action i...

Gregor Thompson 01 Aug 2025