The Financial Markets Authority (FMA) is pursuing civil action against Insurance Australia Group’s (IAG’s) New Zealand, identifying systemic mispricing of premiums across a number of its insurance products.
The proceeding relates to 11 alleged breaches of the Financial Markets Conduct Act (FMCA) relating to “false or misleading representations”, with systems or algorithmic error blamed for a number of these infractions.
Approximately 269,000 customers were affected by the alleged…
