Tower refunds $6.2m in multi-policy discounts

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.