The Auckland High Court has today issued its judgment regarding historical issues that AIA NZ self-disclosed under the Fair Dealing provisions (Part 2) of the Financial Markets Conduct Act 2013 (the FMC Act).
AIA NZ self-disclosed these issues to the Financial Markets Authority (FMA) in June 2018 at the commencement of the joint FMA/RBNZ Conduct and Culture Review.
“After conducting an internal review, we found a small number of instances where we may have fallen short of our own standards and commitment to being as transparent as possible with our customers. Since self-disclosing these issues to the FMA, we have worked relentlessly to remediate these complex issues, whilst engaging and cooperating with the FMA throughout. We also worked swiftly with the FMA to come to a resolution which was reached in July 2021, before the Court hearing earlier this year.” says Nick Stanhope, AIA NZ CEO.
“Our customer remediation process was completed over a year ago and, if a customer was impacted by one of the issues, they have already heard from us directly and we have put the issue right. We always strive to do the right thing by our customers and community, and this situation is no different,” concludes Stanhope.