IAG to make pecuniary penalty payment of $19.5 million for widespread failures

IAG New Zealand Limited admitted to fair dealing breaches under the Financial Markets Conduct Act 2013, including making false and/or misleading representations about insurance products. The High Court imposed a $19.5 million penalty for failures in pricing, discount application, and delayed reporting, affecting approximately 269,000 customers and resulting in overcharges of about $35 million.