AIA ordered to pay $700,000 in FMA culture & conduct case
Market regulator tells NBR that future legal action will likely be more 'proactive' under incoming regulations.
FMA head of enforcement Margot Gatland.
Life insurer AIA's $700,000 penalty for overcharging and underpaying customers resolves the second of four cases emerging directly from the sector's conduct and culture review, but future legal action will likely be more "proactive" under incoming Conduct of Financial Institutions (CoFI)
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