Thursday, 29 July 2021, 11:52 am
Life insurer AIA has admitted making false and/or
misleading representations to customers in proceedings
brought by the Financial Markets Authority (FMA) - Te Mana
Tātai Hokohoko.
The case was filed in the Auckland
High Court and alleges three causes of action under the Fair
Dealing provisions (Part 2) of the Financial Markets Conduct
Act 2013 (the FMC Act).
AIA has agreed to admit all
causes of action and will file a Notice of Admission of the
breaches in the High Court. The matter will proceed to a
penalty hearing before the High Court where the FMA will