AIA admits to fair dealing breaches - could face $700k fine
Life insurer AIA has admitted to making false and/or misleading representations to customers and could face a fine of up to $700,000 after court proceedings were brought against the company by the Financial Markets Authority (FMA).
The case was filed in the High Court in Auckland and alleges three causes of action under the Fair Dealing provisions (Part 2) of the Financial Markets Conduct Act 2013 (the FMC Act).
AIA essentially dobbed itself in to the FMA after being asked to provide information as part of the joint FMA/Reserve Bank of New Zealand conduct and culture review of life insurers in 2018.
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