Tower insurance 'misled customers', FMA says

Margot Gatland says a "significant" number of customers were overcharged as a result of the failure. (Image: Supplied)

Thu, 07 Mar 2024

The Financial Markets Authority has taken a case against Tower, alleging it did not hand out discounts to tens of thousands of customers who were eligible for them. Tower offered customers discounts for taking out two or more insurance policies – known as multi-policy discounts – but the Financial Markets Authority (FMA) alleges invoices and certificates, issued when the policies were bought, showed these discounts were not applied. The FMA has filed proceedings in the Auckland high court for the case and alleges some of t...

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