New Zealand regulator fines insurers.
M2 EQUITYBITES-June 14, 2022--New Zealand regulator fines insurers
(C)2022 M2 COMMUNICATIONS http://www.m2.com
Global Banking News - 14 June 2022
Insurers, Cigna Life and OnePath Life have been fined by New Zealand's Financial Markets Authority (FMA).
The firms will have to pay NZD180,000 to the FMA for allowing misleading representations to be made about their credit card insurance policies by ANZ Bank (NYSE: ANZ). The firms have admitted breaching the Financial Markets Conduct Act and had reached a settlement.
While acting as the agent for the firms, ANZ allegedly charged 307 customers for...
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