Sharechat Logo

TWR - FMA files proceedings on multi-policy discount application

Thursday 7th March 2024

Text too small?

Tower (NZX/ASX: TWR) advises that the Financial Markets Authority (FMA) today filed civil proceedings regarding Tower’s self-reported failure to correctly apply multi-policy discounts (MPDs).

 

As outlined in a market update late last year, Tower anticipated regulatory enforcement action with regard to its inaccurate application of MPDs and raised a provision at that time.

 

Tower has made significant progress towards remediating the around 65,000 customers identified as being owed a refund. Over $9.26 million (including GST and interest) has already been paid in respect of overcharges of premiums payable by over 58,900 customers. Remediation payments continue.

 

The company has also implemented significant checks and balances to determine and promptly remediate any further incorrectly applied MPDs. These occurrences are now identified soon after purchase, and in the majority of cases, without the need for any refund.

 

Tower Chair, Michael Stiassny noted that while the company is disappointed that the FMA has filed proceedings, its focus continues to be on identifying any further actions necessary to prevent overcharging.

 

“While the Company has acted in good faith, self-reported the issue, and is undertaking a comprehensive remediation programme, we accept and deeply regret that customers have been impacted. We apologise unreservedly and will continue to work in earnest to address outstanding issues,” he said.

 

 

ENDS



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

PaySauce Quarterly Market Update - September 2024
October 2nd Morning Report
Rua Releases Annual Report for Year Ended 30 June 2024
SCL - Settlement of orchard sales
The Warehouse Group 2024 ASM and Director Nominations
AIR - Update on Chief Operational Integrity and Safety Officer
Comvita Limited - Annual Report 2024
September 27th Morning Report
Spark announces departure of Finance Director
FBU - Retail Entitlement Offer Opens