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A New Zealand insurer overcharged 5,000 customers nearly $700,000 by failing to apply advertised discounts, the FMA says.
The Financial Markets Authority (FMA) issued a public warning to Aioi Nissay Dowa Insurance (AIOI) in New Zealand for failing to apply advertised multi-policy and multi-vehicle discounts, overcharging 5,055 customers nearly $700,000 between 2015 and 2024.
The issue, caused by flawed manual processes, was self-reported by AIOI in 2024, leading to remediation payments and system improvements.
The FMA emphasized that financial firms must ensure accurate, transparent pricing and robust systems to uphold advertised terms, noting this case reflects ongoing sector-wide challenges in discount application.
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Según la FMA, una compañía de seguros neozelandesa cobró casi 700.000 dólares adicionales a 5.000 clientes por no aplicar los descuentos anunciados.