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Tower ordered to pay $7 million penalty for misleading representations

General insurer Tower has been ordered to pay a $7 million penalty for misleading representations that resulted in more than $11 million in overcharges to its customers.

TOWER LIMITED

TOWER LIMITED (FSP41165) is a licenced Financial Institution.

Tower Limited

FMA filed civil proceedings against Tower Limited (Tower) for failing to apply multi policy discounts to eligible customers’ premiums, resulting in approximately $9.5 million* in overcharges.

FMA files proceedings against Tower Limited for alleged fair dealing breaches

FMA has filed civil proceedings against Tower Limited (Tower) for failing to apply multi policy discounts to eligible customers’ premiums, resulting in approximately $9.5 million* in overcharges.

WARNING: the FMA is concerned that Green Tower Investments may be operating a scam. We have received a report from New Zealand residents who have been unable to withdraw their investment with Green Tower Investments.

Tower Hill Limited

We believe Tower Hill Limited has the hallmarks of a scam. We have received a report from a New Zealand resident being contacted by Tower Hill Limited with investment offers. As the company is not a registered financial service provider, it is unable to offer financial services to New Zealand residents and we recommend exercising caution if approached by the company.

Financial Reporting Act (TOWER Financial Services Group Limited) Exemption Notice 2011

Financial Reporting Act (Tower Financial Services Group Limited) expired exemption notice

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