Youi braces for $350,000 penalty on dodgy sales tactics

Fri, 28 Oct 2016

By Paul McBeth Oct. 28 (BusinessDesk) - South African-owned insurer Youi NZ expects to pay a $350,000 fine for breaking the law with misleading sales tactics. In August, the Auckland-based unit of the insurer pleaded guilty to 15 representative charges brought against it by the Commerce Commission after an investigation followig complaints where policies were sold when only quotes were requested and failure to cancel insurance policies after being notified. The Fair Trading Act holds a maximum penalty of $600,000 for a company, but Youi...

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