10 Oct 2023
FINANCIAL MARKETS AUTHORITY v VERO INSURANCE NEW ZEALAND LIMITED [2023] NZHC 2837
- Citation
- [2023] NZHC 2837
- Court
- High Court
Vero contravened ss 22(f) and/or (h) of the FMCA by issuing invoices that misleadingly represented customers' liabilities; the appropriate starting penalty was fixed at $6,000,000 and reduced by 35% for self-reporting, cooperation and remediation to yield a pecuniary penalty of $3,900,000, with the penalty to be applied first to the FMA's costs under s 493 FMCA.