23 Sept 2022
FINANCIAL MARKETS AUTHORITY v AIA NEW ZEALAND LIMITED [2022] NZHC 2444
- Citation
- [2022] NZHC 2444
- Court
- High Court
AIA committed multiple contraventions of s22 FMCA by issuing misleading Anniversary Letters across three issues (Passback Benefits, Age Termination, Incorrect Inflation Adjustments); the appropriate starting point was fixed at NZD 1,000,000 (20% of the NZD 5,000,000 statutory maximum for a single contravention) and after allowing a 30% overall discount for self-reporting, cooperation and early admission the court imposed a pecuniary penalty of NZD 700,000 together with declarations of contravention and an order that the penalty be applied first to the FMA's costs.