Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Tower Identifies And Fixes Issue Relating To Fee Disclosure

Tower Insurance today advised it has identified, resolved and self-reported an issue relating to the disclosure of fees for some customers.

As part of Tower’s conduct and culture review, an error was identified in the way fees were disclosed to customers who paid in instalments.

Tower CEO, Richard Harding, confirmed that no customer was left out of pocket or disadvantaged as a result of this error.

"We calculated and charged fees correctly and displayed the correct amount prominently on our customers’ renewal.

"However, further on in the policy documentation, a lower and incorrect interest percentage fee was disclosed, which may have led to some confusion and we apologise for that.

"While no customer was disadvantaged, we recognise this error may have caused confusion, so after identifying the issue we reported it to the FMA and volunteered to donate $100,000 to the Starship Foundation"

"Our new technology system has resolved this issue for us. Our 350,000 customers are currently being transferred from hundreds of legacy products to new, plain language policies, with no interest fee charged for paying in instalments.

"As we have said previously, we are committed to being transparent, improving our business and delivering something better for customers. Customers can be confident that any issues we identify will be appropriately resolved and communicated," said Harding.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Bell Gully: Uncertainty Ahead With New Unconscionable Conduct Legislation

new prohibition against ‘unconscionable conduct’ in trade is one of a number of changes to the Fair Trading Act 1986 that come into force from 16 August 2022. The new prohibition may have wide-ranging implications for many businesses... More>>


Statistics: Food Prices Increase 7.4 Percent Annually
Food prices were 7.4 percent higher in July 2022 compared with July 2021, Stats NZ said today... More>>



REINZ: Market Activity And Prices Continue To Ease, First Home Buyers Start To Return To The Market

New Zealand’s winter property market continues its recent trend, slowing from the pace of sales and price rises of last year — properties stay on the market longer and median prices dip... More>>



Kiwi Group Holdings: Fisher Funds Acquires Kiwi Wealth Business

Kiwi Group Holdings Limited (KGHL) today announced the sale of Kiwi Wealth to Fisher Funds for NZ$310 million... More>>



Retail NZ: Welcomes Return Of Cruise Ships

“Cruise visitors were big spenders in retail prior to COVID-19, and retailers in Auckland will be celebrating the arrival of P&O’s Pacific Explorer this morning... More>>



ASB: Full Year Results: Building Resilience Today And For Our Future

In its 175th year, ASB has reported a cash net profit after tax of $1,418 million for the 12 months to 30 June 2022, an increase of $122 million or 9% on the prior year... More>>