Tower Limited has provided an update on its progress with refunding customers who did not receive their correct multi-policy discounts.
As of October 31, 2023, Tower has refunded $6.2 million excluding GST to affected customers.
The company now expects the total costs associated with this remediation to be approximately $11.2 million excluding GST, which includes repayments to around 65,000 customers and a regulatory penalty from potential enforcement action.
Tower's FY23 underlying profit guidance remains unchanged.
The company is focused on rectifying the issue and plans to redesign and simplify its multi-policy offering in the coming year.See more