Media release

Vero Insurance New Zealand responds to FMA proceedings

17 October 2022

The Financial Markets Authority announced today it has issued proceedings against Vero Insurance New Zealand in relation to the misapplication of a multi policy discount on insurance policies for some customers.

Vero identified the issue as part of its regular internal review processes and self-reported it to the FMA in 2019. It has stopped the issue occurring and been working proactively with its intermediaries to fully reimburse both past and present customers for any discount they were due.

This was due to system and process errors. To date, the vast majority of customers impacted by this error have been remediated and apologised to.

Vero CEO Jimmy Higgins says any negative impact on customers, however caused, is unacceptable.

“We are sorry for the impact this has had on some customers. Our priority has been to make it right for customers, and we have been working hard to contact anyone impacted, whether they still have a policy with us or not.”

“We remain focused on fixing any issues we find as quickly as possible and continue to look for ways we can deliver great outcomes for customers.”

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The information in this article has been compiled from various sources and is intended to be factual information only. Full details of policy terms and conditions are available from Vero Insurance New Zealand Limited or your financial adviser. For advice on product suitability, please contact your financial adviser. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.