High Court Fines Tower NZ$7 Million in Relation to Regulatory Action after Misapplication of Multi-Policy Discounts

MT Newswires Live12-09

The High Court fined Tower (ASX:TWR, NZE:TWR) NZ$7 million in relation to an action brought by New Zealand's Financial Markets Authority regarding the insurer's misapplication of multi-policy discounts, totaling around NZ$11 million, relating to around 61,000 customers, according to Tuesday filings with both the Australian and New Zealand bourses.

The insurer self-reported the issue and made admissions of contraventions of the Financial Markets Conduct Act.

Tower said its multi-policy discount remediation program to compensate affected customers is nearing completion. On completion, it will have paid around NZ$12 million to affected customers, including interest. It also said it would remove the multi-policy discount from its insurance offerings and that it has made investments in improving its systems and processes.

The regulator and Tower agreed that these contraventions were the result of failures in systems and processes, not management decisions. Tower's responsible actions to address the breaches were acknowledged by the court, per the filing.

The NZ$7 million penalty was recommended to the court by both the firm and the regulator.

Its shares fell over 2% in recent trading on Tuesday on the Australian bourse.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2590953353?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-12-09 10:31","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2590953353","market":"sg","top_or_hot":-1,"title":"High Court Fines Tower NZ$7 Million in Relation to Regulatory Action after Misapplication of Multi-Policy Discounts","media":"MT Newswires Live","content":"<html><body><p> The High Court fined Tower (ASX:TWR, NZE:TWR) NZ$7 million in relation to an action brought by New Zealand's Financial Markets Authority regarding the insurer's misapplication of multi-policy discounts, totaling around NZ$11 million, relating to around 61,000 customers, according to Tuesday filings with both the Australian and New Zealand bourses.</p><p>The insurer self-reported the issue and made admissions of contraventions of the Financial Markets Conduct Act.</p><p>Tower said its multi-policy discount remediation program to compensate affected customers is nearing completion. On completion, it will have paid around NZ$12 million to affected customers, including interest. It also said it would remove the multi-policy discount from its insurance offerings and that it has made investments in improving its systems and processes.</p><p>The regulator and Tower agreed that these contraventions were the result of failures in systems and processes, not management decisions. Tower's responsible actions to address the breaches were acknowledged by the court, per the filing.</p><p>The NZ$7 million penalty was recommended to the court by both the firm and the regulator.</p><p>Its shares fell over 2% in recent trading on Tuesday on the Australian bourse.</p></body></html>","source":"mtnewswires_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>High Court Fines Tower NZ$7 Million in Relation to Regulatory Action after Misapplication of Multi-Policy Discounts</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHigh Court Fines Tower NZ$7 Million in Relation to Regulatory Action after Misapplication of Multi-Policy Discounts\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1092851196\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">MT Newswires Live </p>\n<p class=\"h-time\">2025-12-09 10:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p> The High Court fined Tower (ASX:TWR, NZE:TWR) NZ$7 million in relation to an action brought by New Zealand's Financial Markets Authority regarding the insurer's misapplication of multi-policy discounts, totaling around NZ$11 million, relating to around 61,000 customers, according to Tuesday filings with both the Australian and New Zealand bourses.</p><p>The insurer self-reported the issue and made admissions of contraventions of the Financial Markets Conduct Act.</p><p>Tower said its multi-policy discount remediation program to compensate affected customers is nearing completion. On completion, it will have paid around NZ$12 million to affected customers, including interest. It also said it would remove the multi-policy discount from its insurance offerings and that it has made investments in improving its systems and processes.</p><p>The regulator and Tower agreed that these contraventions were the result of failures in systems and processes, not management decisions. Tower's responsible actions to address the breaches were acknowledged by the court, per the filing.</p><p>The NZ$7 million penalty was recommended to the court by both the firm and the regulator.</p><p>Its shares fell over 2% in recent trading on Tuesday on the Australian bourse.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7034","symbol_name":"财产与意外伤害保险","start_time":0,"source_url":"https://www.mtnewswires.com/","article_id":"2590953353","we_media_id":"1092851196","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2590953353","pubTimestamp":1765247513,"columns":[],"sourceInfo":{"source_id":"mtnewswires_news","name":"MT Newswires"},"weMediaInfo":{"media_name":"MT Newswires Live","introduction":"The most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"summary":"The High Court fined Tower  NZ$7 million in relation to an action brought by New Zealand's Financial Markets Authority regarding the insurer's misapplication of multi-policy discounts, totaling around NZ$11 million, relating to around 61,000 customers, according to Tuesday filings with both the Australian and New Zealand bourses.The insurer self-reported the issue and made admissions of contraventions of the Financial Markets Conduct Act.Tower said its multi-policy discount remediation program to compensate affected customers is nearing completion. On completion, it will have paid around NZ$12 million to affected customers, including interest. It also said it would remove the multi-policy discount from its insurance offerings and that it has made investments in improving its systems and processes.The regulator and Tower agreed that these contraventions were the result of failures in systems and processes, not management decisions. Tower's responsible actions to address the breaches wer","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7034":"财产与意外伤害保险","TWR.AU":"TOWER LTD"},"translate_title":"高等法院因滥用多保单折扣后的监管行动罚款高达700万新西兰元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TWR.AU":1},"content_text":"The High Court fined Tower (ASX:TWR, NZE:TWR) NZ$7 million in relation to an action brought by New Zealand's Financial Markets Authority regarding the insurer's misapplication of multi-policy discounts, totaling around NZ$11 million, relating to around 61,000 customers, according to Tuesday filings with both the Australian and New Zealand bourses.The insurer self-reported the issue and made admissions of contraventions of the Financial Markets Conduct Act.Tower said its multi-policy discount remediation program to compensate affected customers is nearing completion. On completion, it will have paid around NZ$12 million to affected customers, including interest. It also said it would remove the multi-policy discount from its insurance offerings and that it has made investments in improving its systems and processes.The regulator and Tower agreed that these contraventions were the result of failures in systems and processes, not management decisions. Tower's responsible actions to address the breaches were acknowledged by the court, per the filing.The NZ$7 million penalty was recommended to the court by both the firm and the regulator.Its shares fell over 2% in recent trading on Tuesday on the Australian bourse.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590953353","isCrawlerRequest":true}