Page last updated: 11 August 2023

Enforcement Activity

In the event of a breach of financial markets legislation, we may intervene on an informal basis or at a low level where such action is proportionate to the misconduct and will achieve an appropriate market outcome. However, where appropriate, we will take strong action and hold individuals and entities accountable when they break the law and fail to meet the standards that are expected of them. If harm has been identified, we may also take regulatory action of some sort even though no ‘rules’ appear to have been broken.

Our enforcement activity can be viewed on this page.

Southern Cross Travel Insurance

Southern Cross Travel Insurance admits liability for misleading discount claims, pays $1.1M to Crown for fair dealing breaches.

AA Insurance Limited (AAI)

AA Insurance New Zealand Limited (AAI) has been ordered to pay a penalty of $6.175 million for failing to apply multi-policy and membership discounts, as well as guaranteed no claims bonuses. View the case history on this page.

Integrity Advisers Insurance Limited

The FMA has cancelled Integrity Advisers Insurance Limited’s (Integrity) Financial Advice Provider (FAP) licence for engaging in serious misconduct.

Cigna Life Insurance New Zealand Limited

Cigna Life Insurance New Zealand Limited has admitted to making false and/or misleading representations to customers in proceedings brought by the FMA. This page documents the timeline of enforcement activity.

IAG

FMA has filed a civil proceeding against insurer IAG New Zealand Limited (IAG) for fair dealing breaches in relation to its insurance products. Read the background of the case on this page.

ANZ Bank New Zealand Limited

FMA filed proceedings against ANZ for false and misleading representations over credit card insurance charges.

Les Vela

FMA cancels Wise Insurance's FAP licence after fake policy scam, director Le Zhou charged over $260K commission fraud.

AIA

The Auckland High Court has ordered life insurer AIA to pay a pecuniary penalty of $700,000 for making false and/or misleading representations to some customers.

Vero

FMA filed High Court proceedings against Vero Insurance New Zealand Limited for failing to apply multi-policy discounts, which led to affected customers being overcharged approximately $8.7 million in premiums.