Insurers refund overcharged customers after FMA review

FMA’s director of banking and insurance, Clare Bolingford said if the review hadn't been done those customers would still be out of pocket (Image: Supplied)

Dan Brunskill

Thu, 22 Jul 2021

Insurance companies will potentially repay millions of dollars to customers after a review by the Financial Markets Authority revealed thousands had been overcharged.The review follows the FMA and the Reserve Bank of New Zealand’s close look at banks and life insurers after an Australian royal commission found widespread misconduct in a similar review.The latest probe found general insurers were not prepared for new legislation requiring them to establish processes to ensure good conduct, and some were currently overcharging customers.&ld...

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