Tower to pay $7m penalty for misleading representations

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AI Generated

Tue, 09 Dec 2025

Tower, a general insurer, has been ordered to pay a $7 million penalty for misleading representations that led to overcharges of more than $11m to its customers.The penalty was imposed by the High Court in Auckland, following civil proceedings by the Financial Markets Authority (FMA).Tower had self-reported the issue to the FMA in March 2021.The company admitted to breaching the Financial Markets Conduct Act by misleading customers in its invoices about its multi-policy discount offer since September 2016.This resulted in overcharging, which co...

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