Subscribe today - find out more
Why you should consider BusinessDesk
Law & Regulation

Insurers refund overcharged customers after FMA review

Dan Brunskill
Thu, 22 Jul 2021

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...

Use the information you’ve already given Google to create your subscription.

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

Law & Regulation
David Henry firm moves into liquidation owing $400k
Brent Melville | Sat, 31 Jul 2021

Kinleith Land and Infrastructure moves into liquidation owing at least $400,000, liquidator looks to sell solar farm.

On the Money
On the Money: Chris Dunphy, Peter Wells' potential $250m payday, Banksy, Bridges, and more
Rebecca Stevenson | Sat, 31 Jul 2021

Which minister thought he was at a rave, who's cashing in on another potential IPO on the ASX, why wasn't anyone buying Banksy? And more.

Opinion FREE
Why it's hard to open a supermarket in NZ
Eric Crampton | Fri, 30 Jul 2021

Supermarkets' high profits should motivate a new competitor, if they're real. If the profits are there, what's stopping them?

Sponsored
How events can support a sustainable future

Sustainability has become a fundamental characteristic of a responsible business. It’s no longer just about “doing the right thing for the environment”, but now a much more holistic proposition where businesses have a real responsibility to embrace sustainable business practices - or risk being left behind.

Sponsored
5 trends as construction begins towards carbon neutrality

Carbon neutral trends emerging in engineering, procurement and construction across the globe indicate what we can expect in New Zealand over the next thirty years.