Vero Insurance New Zealand responds to FMA proceedings
17 October 2022
The Financial Markets Authority announced today it has issued proceedings against Vero Insurance New Zealand in relation to the misapplication of a multi policy discount on insurance policies for some customers.
Vero identified the issue as part of its regular internal review processes and self-reported it to the FMA in 2019. It has stopped the issue occurring and been working proactively with its intermediaries to fully reimburse both past and present customers for any discount they were due.
This was due to system and process errors. To date, the vast majority of customers impacted by this error have been remediated and apologised to.
Vero CEO Jimmy Higgins says any negative impact on customers, however caused, is unacceptable.
“We are sorry for the impact this has had on some customers. Our priority has been to make it right for customers, and we have been working hard to contact anyone impacted, whether they still have a policy with us or not.”
“We remain focused on fixing any issues we find as quickly as possible and continue to look for ways we can deliver great outcomes for customers.”
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